Silicone ferrous Particles.

Gone as this substance engulfs the magnet, it is completely engulfed by the putty. The putty’s seemingly magical properties can be explained by science, as the material is infused with millions of micron-sized ferromagnetic particles. As Mr Lawson explains as the ‘Ferromagnetic particles’ in the putty are strongly attracted to the magnet and very slowly engulf the surface of the magnet. ‘The putty looks and feels like regular silly putty, but the difference lies in the fact that it has been infused with millions of micron-sized ferrous particles and it wouldn't work with just any old magnet, as the one in the video has very special properties.
Lawson noted that the magnet shown in the clip is a powerful neodymium iron boron magnet. It’s the type that can destroy a TV screen or disable the magnetic strip on a credit card. Eventually, the putty would arrange itself around the magnet so it's as evenly distributed as possible. A strong magnetic field is used to induce electric currents that modulate the neuronal circuits; these changes resemble those produced by antidepressant drugs. Double-blind studies at Baylor College of Medicine, published in the Archives of Physical and Rehabilitation Medicine concluded that permanent magnets reduce pain in post-polio patients. The results were reported in The New York Times. Time magazine also reported on the growing use of magnets by champion golfers and other professional athletes to relieve pain and improve strength. 

It’s like a scientific experiment which has gone horribly wrong. The weirdly hypnotic event of a piece of putty devouring a magnet was captured on camera by Scott Lawson .
The YouTube video clip took Lawson an hour and a half to film, but thanks to a time-lapse sequence, it can be seen in all its glory over a matter of minutes. However, it might need to be played repeatedly to make sure your eyes aren’t playing tricks. Separate: The two objects begin completely apart but placed close together. Fatal attraction: An iron-infused lump of putty makes its move on the magnet. Going as the ferromagnetic particles in the putty are strongly attracted to the magnet they very slowly engulf the surface of the magnet.
Going as the magnet shown is a powerful neodymium iron boron magnet, can disable the magnetic strip on a credit card. An estimated 140 million people use magnetic therapy to relieve pain, improve circulation, reduce swelling, minimize stiffness, and increase overall performance. They include professional athletes, doctors and chiropractors. Scientist and medical experts believe that magnets heal and strengthen the body. A review in the Journal of Psychiatric Research suggests that repetitive magnetic stimulation benefits numerous psychiatric disorders, including depression and mania. 

Magnetic therapy has long been a significant component of the health industry in Japan and China. Therapeutic applications of magnetic fields are now becoming a scientifically acceptable and respected part of the medical communities of the United States and Europe. 
There are now Neuromagnetics Institutes and the Bioelectromagnetics Societies all over the world which use magnets to treat and cure a wide range of illnesses and injuries. Evidence gained from research suggests that magnetic therapy may, Relieve pain, Reduce inflammation, Naturally increase the production of melatonin and the growth hormone, Restore energy, Increase blood circulation and release of oxygen from free radicals, Prevent or reverse infectious states and degenerative diseases, Promote metabolic processing of toxins and Support the healing process. As an amoeba it could be used to break up asteroids develop systems using Electra magnification it’s a process that can occur as plans diagrams show.