The well-known NFT trading platform Magic Eden launched its own token $ME airdrop on December 10. However, the way to claim this airdrop is not only complicated but also poses security and privacy risks. Security experts stated that the wallet design launched by Magic Eden violates crypto industry security guidelines, causing many users to have doubts about the airdrop plan.
$ME token makes its debut, and the market value quickly declines during the airdrop process.
The platform token $ME of Magic Eden skyrocketed to a market value (FDV) of $1 billion within just a few minutes after opening. However, as more users successfully claimed the airdrop, they quickly sold off, causing the market value to plummet and eventually stabilize at $700 million.
Before the $ME airdrop, the market value was about $1 billion, but after the airdrop, users sold off large amounts, and the current market value is about $700 million. Claiming the airdrop feels like a challenge, and users are complaining about the hassle.
This airdrop is a reward for users who have previously traded on Magic Eden. However, users must complete a series of cumbersome operations in the Magic Eden wallet, including importing the private key of the original wallet into the new wallet or creating a new Magic Eden wallet to link with the original wallet. The complicated operation process led to continuous complaints from users. While some users made money, others reported that they might have been scammed during the process, resulting in their wallets being emptied.
The airdrop process is cumbersome, and users complain continuously. The new wallet design has sparked controversy, with experts pointing out security vulnerabilities.
The security issues arising from the Magic Eden wallet have become a focus of external attention. An anonymous industry insider stated that due to Magic Eden's wallet adopting a different technology architecture, it stores users' mnemonic phrases and private keys within the application, which completely violates industry standards.
Some users directly used the 12-word mnemonic phrase to transfer their wallets to other applications, resulting in the generation of incorrect addresses. An informed source revealed: 'Many users were terrified, thinking their wallets had been emptied.' A security expert stated: 'Storing such sensitive information on any digital device, even on remote servers, is really bad.'
Missing the point of the airdrop, industry insiders criticize: 'Please focus on user experience.'
Industry insiders have also criticized Magic Eden for missing the point of the airdrop: 'Airdrops are very important for crypto operators; it's not just about issuing tokens but also about rapidly gaining substantial attention for the brand. However, some operators complicate the process, such as forcing users to download the app, which frustrates users. This completely misses the point.'
Further criticized Magic Eden, saying: 'Please do not be greedy and try to do too many things at once; otherwise, you may do many things poorly. Please focus on user experience and impose fewer restrictions.'
Industry insiders criticize Magic Eden's airdrop on Twitter.
Although this airdrop plan boosted downloads of Magic Eden's new wallet, concerns about security and high usability difficulties left many users dissatisfied with the airdrop experience and questioning Magic Eden's market strategy. Magic Eden has not yet responded to these related issues.
(Magic Eden announces ME tokenomics; trading NFTs and tokens can earn ME)
This article discusses the $ME token airdrop by Magic Eden, which allegedly emptied users' wallets. Experts criticize: 'The process is too complicated!' The first appearance was on Chain News ABMedia.
