Discovering an unauthorized transaction in your Magic Eden Wallet can be alarming. This guide provides crucial steps to secure your remaining funds, investigate the breach, and prevent future compromises.
What is a compromised wallet?
A wallet is compromised if someone other than the original owner has accessed its password, 12-word secret recovery phrase, or private keys. This unauthorized access puts all assets in immediate danger. With self-custody wallets like Magic Eden Wallet, ensuring the safety of your wallet's private data is paramount.
How can a wallet be compromised?
Magic Eden, like all software wallets, relies on the security of your device. Here are common ways a wallet can be compromised:
Someone obtains your 12-word secret recovery phrase or private keys.
Someone scans your wallet’s QR syncing code.
Malware is installed on your device, extracting private data.
Someone gains remote or physical access to your wallet while it is unlocked or if they know your Magic Eden Wallet password.
How do I know if my wallet has been compromised?
Review your wallet’s transaction history for any unfamiliar transactions. Hackers typically transfer assets to unknown addresses, and these transactions are often larger in nature.
What steps should I take if my wallet is compromised?
If you suspect a compromise, immediately move your assets to a safe alternative wallet. If you choose to report the incident to law enforcement, please review our Law Enforcement Guidelines for information on Magic Eden’s ability to assist in an investigation.
If you are located outside of the United States:
If you are located inside the United States it will be:
Where can I send my remaining assets?
You can send your assets to self-custody software wallets, hardware wallets, or custodial exchanges.
How do I ensure the alternative destination is safe?
Self-custody software wallets
Install anti-virus or anti-malware software.
Avoid using pirated or cracked software.
Self-custody hardware wallets
Keep private keys and secret recovery phrases safe.
Do not store digital copies of the secret recovery phrase.
Custodial exchanges
Enable two-factor authentication (2FA).
Store passwords securely, ideally in a password manager.
Can I recover my funds?
Blockchain transactions are irreversible. The best chance to recover stolen assets involves cooperation with law enforcement and the destination exchange.
What if my assets are staked?
Staking assets with a cool-down period
Monitor the unbonding period using a block explorer. Prepare to transfer the funds immediately once they are available.
Staking assets without a cool-down period
You can move these funds without waiting for them to unstake.
How do I ensure my email account is safe?
Ensure your email account is secure by:
Checking for unrecognized emails in your Sent folder.
Enabling 2FA.
Checking for unrecognized sign-in attempts.
Verifying if your email has been leaked: Have I Been Pwned.
How do I clean the devices that held the compromised wallet?
Reinstall your operating system to ensure your system is clean. Save necessary data and follow guides to remove and reinstall your OS.
Can I be refunded for my loss?
Magic Eden cannot compensate for lost funds as it is a self-custody wallet.
If you have questions, feel free to reach out to our support team by clicking on the chat widget.
This content is for educational purposes only and should not be considered financial advice or an inducement to buy, sell, or trade cryptoassets. UK users should be aware of their local regulations and ensure compliance with UK Financial Promotions regulations.