Magic Eden’s Wallet Service Nears Shutdown…Users Urged to Move Assets

YM Lee

Summary

Magic Eden said it is ending support for its multi-chain virtual asset wallet and has advised users to move assets and back up private keys.
It noted that Solana (SOL)-based assets require separate private-key export due to structural differences, raising concerns about restricted access if users fail to do so.
According to CoinGecko, Magic Eden’s token ME has fallen 99.94% from its $17 peak and now trades around $0.09, with a market cap of about $50 million.

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Magic Eden has instructed users to move their assets ahead of the end of support for its multi-chain virtual asset (cryptocurrency) wallet. In particular, access to Solana (SOL)-based assets may be restricted unless users separately export their private keys, making advance action necessary.

According to Decrypt on the 31st (local time), Magic Eden plans to remove its wallet application from the App Store and gradually discontinue its functions.

In a notice, Magic Eden said, “The ME Wallet will switch to ‘export-only mode’ and be removed from the App Store,” adding, “If you lose access to your device or the app, you will also lose access to the wallet.”

Accordingly, users must transfer their assets to another wallet or be sure to back up their private keys. In particular, users who have not installed the app in advance may be unable to download it after removal, potentially cutting off access to the wallet entirely.

While Ethereum (ETH)- or Bitcoin (BTC)-based assets can be restored using a seed phrase, Solana network addresses have a different structure, requiring separate private-key extraction. As a result, holders of Solana-based assets are advised to export their private keys directly.

Magic Eden launched in 2021 as a Solana-based non-fungible token (NFT) marketplace, but has recently shifted its strategy. In January this year, it launched the cryptocurrency casino service “Dicey,” moving its business focus.

According to CoinGecko data, Magic Eden’s token ME has fallen 99.94% from its record high of $17 in December 2024. It is currently trading at around $0.09, with a market capitalization of about $50 million.