Magic Eden issuance $ME Token Airdrop suspected of emptying user wallets, experts criticize: the process is too complicated.

The well-known Non-fungible Token trading platform Magic Eden launched its own Token $ME Airdrop on 12/10. However, the way to claim this Airdrop is not only complicated, but also poses security and privacy risks. Security experts have pointed out that the wallet design introduced by Magic Eden violates the security guidelines of the encryption industry, which has raised concerns among many users about the Airdrop plan.

Token $ME made its debut, and the Market Cap quickly dropped during the Airdrop process

The platform coin $ME of Magic Eden soared to a market capitalization (FDV) of $1 billion within a few minutes of opening. However, as more users successfully received the Airdrop, it quickly started dumping, and the market cap began to plummet, eventually stabilizing at $700 million.

Before the $ME Airdrop, the Market Cap was approximately $1 billion, but after shorts, it was heavily dumped by users, and the current Market Cap is approximately $700 million. Receiving the Airdrop is like a challenge, and users are complaining about the trouble.

This Airdrop is a reward for users who have traded on Magic Eden. However, users must complete a series of cumbersome operations in Magic Eden’s Wallet, including importing the Private Key of the original Wallet into the new Wallet, or creating a new Magic Eden Wallet and linking it to the original Wallet. The cumbersome operation process has caused many complaints from users. Although some users have made money, some users have expressed suspicion of being scammed during the operation process, and their Wallets were directly emptied.

Airdrop process is cumbersome, users complain repeatedly. The controversial design of the new wallet has been pointed out by experts for its security vulnerabilities.

Security issues caused by Magic Eden Wallet have become the focus of external follow. An anonymous industry insider stated that due to the different technological architecture adopted by Magic Eden’s Wallet, it stores users’ mnemonic phrases and Private Key in the application, which completely violates industry standards.

Some users directly use the 12-word mnemonic phrase to transfer their Wallet to other applications, resulting in the generation of incorrect Address. An insider revealed, ‘Many users were scared, thinking that their Wallet had been emptied.’ Security experts said, ‘Storing this sensitive information on any digital device, even remote servers, is really bad.’

Misunderstanding the key points of Airdrop, industry insiders criticize: “Please focus on user experience.”

Some industry insiders also criticized Magic Eden for misunderstanding the key point of Airdrop: ‘Airdrop is very important for cryptocurrency companies. It’s not just about issuing coins, but also about helping brands quickly gain a large number of followers. However, some companies have made the process very complicated, such as forcing users to download the APP, which is very annoying to users. This completely misunderstands the purpose.’

Further, to Magic Eden, please do not be greedy and try to do too much at once, otherwise you may not do many things well. Please focus on user experience and limit less.

Industry insiders are tweeting about Magic Eden Airdrop

Although this Airdrop plan has driven the download volume of the new Wallet of Magic Eden, many users are not very satisfied with the Airdrop experience due to security concerns and high usability, and also have doubts about the market strategy of Magic Eden. The official Magic Eden has not yet responded to the related issues.

(Magic Eden announced the ME token economy, trading Non-fungible Tokens and earning ME tokens).

This article Magic EDEN issuance $ME TokenAirdrop is suspected of emptying user wallets, experts criticize: the process is too complicated, first appeared on Chain News ABMedia.