Blur rectifies bug, affected NFT traders to get 2x refund

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Key takeaways:

  • Blur bids were disabled after discovering a problem that allowed users to approve bids that should have lapsed earlier. 
  • The impacted traders will be compensated twice the difference between their bid price and the correct top bid in ethereum (ETH).

Blur Bids were disabled due to an issue with the off-chain infrastructure.There appears to be a glitch that allowed previously cancelled bids to still be accepted on the Blur NFT market. As a result, users who had previously cancelled bids on NFTs while they were selling for higher prices suddenly discovered that their purchases had gone through—in certain instances, on NFTs that were selling for much lower prices.

After a problem was discovered that permitted users to accept bids that were supposed to have expired, blur bids were blocked late on Friday night. 

Blur stopped the bid accept functionality after identifying the problem, according to a twitter update from @PacmanBlur. In a 30 minute timeframe, 36 affected bids were accepted. At 11:05 PT, the platform began to accept bids for the following 20 minutes. 

In the meantime, bids that exceed the floor will be immediately cancelled before enabling bids are accepted. The marketplace also included two extra redundant safety checks to ensure that the problem does not reoccur.

Traders that are affected will be compensated twice for the disparity between their bid price and the correct top bid in ethereum (ETH). For instance, if the winning bid was 14.5 ETH and the affected bid accepted price was 15.5 ETH, the refund will be 2 ETH. However, impacted traders will not need to sell their NFTs in order to receive the reimbursement, as Blur will deliver the funds within 24 hours.

While analysing the bug, Blur stopped bid acceptance functionality. Surprisingly, this led to users submitting massive bids they knew couldn’t be accepted in order to farm Blur points, some of which are rewarded based on bids rather than purchases.

Many people were impressed by Blur’s reaction to the entire situation, as well as the reimbursement initiative. To put it another way, users like @TimStone84 believe there is no competition for a platform like blur, whereas @learn_charles alluded to blur’s obvious competitor, Opensea, saying “opensea could never”

Blur has long been a darling to its user base , and the platform has proven once again that it values the crypto community. In a similar move back in February, Blur promised a $300 million Airdrop invite frenzy for “loyal users”.

The latest event with Blur generated a lot of discussion in the community as it coincided with claims of NFT marketplaces currently recording their lowest sales levels in a very long time. All NFT marketplaces have suffered a decline in daily users and sales, which have already fallen to levels last seen in July 2021.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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