Bitcoin

<ul><li>Deezy founder Danny exposes Magic Eden&#39;s exploitation of Coinbase, raising X debates.</li><li>Magic Eden redirects small transaction outputs to Coinbase, saving fees at Coinbase&#39;s expense.</li><li>Mempool founder Mononaut highlighted the last 24 blocks; Coinbase Prime processed 92,400 small inputs from Magic Eden.</li></ul>Deezy founder Danny <a href="https://x.com/dannydiekroeger/status/1758217480454148283" rel="noopener noreferrer nofollow">stated</a> that Magic Eden, Bitcoin&#39;s largest NFT marketplace, uses Coinbase to process modest transaction outputs. <a href="https://cryptotale.org/magic-edens-emmy-wallet-aims-to-introduce-cross-chain-functionality-in-nft-trading/" rel="noopener noreferrer nofollow">Magic Eden</a> sends these little outputs, such as 1000-2000 sats, to their Coinbase account rather than their own address.Also, he mentioned that the brilliant approach is that Magic Eden cleverly used a <a href="https://cryptotale.org/coinbase-wallet-now-allows-users-to-see-transaction-previews/" rel="noopener noreferrer nofollow">Coinbase account address</a> rather than its address to receive these UTXOs (unspent transaction outputs), resulting in these modest contributions going directly into Magic Eden&#39;s Coinbase account. Coinbase is liable for the integration fees. However, because of its vast size and sluggish reaction time, Coinbase was unaware of this and incurred considerable losses during the integration process.Furthermore, Mempool creator <a href="https://x.com/mononautical/status/1792359806591959049" rel="noopener noreferrer nofollow">Mononaut revealed</a> that Coinbase Prime has merged 92,400 tiny transaction inputs from Magic Eden&#39;s address during the <a href="https://mempool.space/tx/02df5b9fbd66bd4ebf668a7287bd7d3b97c6ddd0f9c5d9c7f99d0d6ca874475e" rel="noopener noreferrer nofollow">last 24 blocks</a>, spread across 308 transactions, at a cost of around 7 sats/vb. These transactions paid a total charge of roughly 0.59 BTC to recover around 1.75 BTC.<a href="https://cryptotale.org/deezy-founder-reveals-magic-edens-coinbase-exploitation/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Deezy Founder Reveals Magic Eden's Coinbase Exploitation

CryptoTale

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