Analysis: The Magic Eden Airdrop process is too complicated and poses security and privacy risks.

An industry insider, who requested anonymity, said that the wallet issue that caused problems during the launch of ME may also threaten user privacy. Traders need to import the Wallet Private Key into the Magic Eden application or create a new Wallet and link the old Wallet to receive the Airdrop, but the latter may compromise privacy. The Magic Eden Wallet application stores backups of the user's recovery phrase and Private Key, and lacks a clear way to delete them, violating security standards. This process also makes Airdrop claimants vulnerable to malicious actors who may pretend to be Magic Eden. Additionally, Wallets created within the Magic Eden application cannot be easily transferred to other Wallet applications, which is due to the different technical settings that Magic Eden relies on compared to other mainstream Wallets. This can be overcome by importing the Private Key, which is hidden in the deeper settings of the Magic Eden application. Less experienced users may attempt to transfer their Magic Eden Wallet to another application using only a 12-word recovery phrase.