Popular NFT marketplace Blur compensates All Users affected by the recent bug.

Blur compensates all users affected by recent bug

  • Blur recently discovered a bug on its platform that affected bids placed by users.
  • The NFT marketplace has since fixed the bug and added additional security checks to prevent further problems.
  • Blur has promised compensation for users who suffered losses due to bid price discrepancies.

Popular NFT marketplace Blur has fixed the recent bug that affected some bids on its platform. Users who suffered losses due to the impact of the bug on the platform’s bidding process have been compensated accordingly by the marketplace, as assured.

The founder of Blur, who goes by Pacman on Twitter, recently informed the NFT marketplace community about the bug that was discovered in the platform’s message processing system. The bug reportedly affected some bids placed by users in the last 85 hours, resulting in some bids being cancelled.

Following the discovery of the bug, Blu disabled the bid acceptance feature on the platform. Thirty-six affected bids were then accepted within 30 minutes. The bug was fixed soon after and the bidding function has since been re-enabled. However, bids that were above the reserve price at that time were automatically deleted.

On the additional measures the NFT marketplace has taken to avoid such problems in the future, Pacman said, “In addition to fixing the bug that caused this problem, we have implemented two additional redundant security checks to ensure this problem doesn’t happen again.” News of the bug caused significant volatility in the BLUR token, as seen below.

Source: CoinMarketCap

In his tweet, the Blur founder also assured refunds to compensate all users who were affected by the cancelled bids. The compensation structure was such that the refund would be twice the difference between their bid price and the correct highest bid at the time. “For example, if the high bid was 14.5 ETH and the affected bid was accepted at 15.5 ETH, we refund 2 ETH,” Pacman explained.

Etherscan’s data shows that the refund transaction was successful for the affected bidders, with 2327 block confirmations. The refund was processed within 24 hours as promised. The compensation cost Blur 50.8 ETH, which was equivalent to about $95,000 at the time.

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