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The non-fungible token trading platform Magic Eden has announced the discontinuation of support for its proprietary cryptocurrency wallet. As of April 1, the wallet has entered “Export Only” mode, meaning that new transactions and other functionalities are no longer available.
The service will be fully shut down on May 1 — after this date, it will be impossible to recover private keys, according to the project’s team.
Currently, wallet holders need to export their private keys or seed phrases. Only the previously downloaded version of the wallet is accessible; new copies cannot be downloaded or restored. Users are advised not to delete the application, as regaining access will not be possible, the developers of Magic Eden warned. They stated that assets will remain secure if the user has saved the seed phrase and has chosen a new wallet.
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At the end of February, Magic Eden abandoned its NFT marketplace business model. In early March, the platform ceased trading in Ethereum and Bitcoin, withdrawing liquidity from Bitcoin Ordinals and other NFT collections.
On March 27, the platform disabled its technical connection to the Bitcoin blockchain, which prevented Magic Eden users from tracking transactions on the network, processing Bitcoin payments, and performing some other operations. At that time, support for EVM and Bitcoin wallets on the site was also discontinued — users were required to withdraw all funds by March 27 or contact support if they missed the deadline.
Magic Eden has stated that it is focusing on the blockchain entertainment market. The company launched a platform for crypto casinos and sports betting called Dicey. Magic Eden continues to support the NFT marketplace based on Solana, including Solana Packs and Solana Lucky Buy.
In February, the Step Finance project, part of the Solana ecosystem, announced the closure of its subsidiaries SolanaFloor and Remora Markets following a hack that resulted in losses exceeding $27 million and unsuccessful attempts to secure funding. Just days prior, the decentralized protocol Structured, which promised clients returns through tokenized versions of Bitcoin and other derivative instruments, also reported the cessation of its operational activities. In the same month, the crypto lending platform ZeroLend announced its shutdown due to liquidity issues and increasing cyber threats.
