TechFlow News, December 11 — According to CoinDesk, on December 10, NFT marketplace Magic Eden launched its token ME, sparking widespread controversy in the industry due to its unconventional distribution process. Users are required to download the Magic Eden wallet and either import their existing wallet's private key or create a new wallet linked to their original one—a practice considered a violation of standard security best practices.
Security expert Ogle pointed out that the Magic Eden wallet stores users' private keys and recovery phrases within the app itself, with no clear method for data deletion, posing significant security risks. Moreover, addresses created through the Magic Eden wallet cannot be imported into mainstream wallets like Phantom using standard 12-word recovery phrases, requiring instead manual private key imports, which increases the risk of asset theft.
