Popular NFT marketplace Blur has addressed the recent bug that affected some bids on its platform. Users who incurred losses as a result of the bug’s impact on the platform bidding process have been accordingly compensated by the marketplace as assured.
Blur’s founder, who goes by Pacman on Twitter, informed the NFT marketplace’s community recently about the bug that was detected in the platform’s message processing system. The bug reportedly affected some bids placed by users over the past 85 hours, prompting some to get canceled.
Following the bug’s discovery, Blu disabled the platform’s bid accept functionality. Thirty-six affected bids were subsequently accepted over 30 minutes. The bug was fixed soon after that and the bidding functionality has since been re-enabled. However, the bids above the floor at the time were automatically canceled.
Speaking on additional measures undertaken by the NFT marketplace to prevent such issues in the future, Pacman stated, “In addition to fixing the bug that caused this issue, we implemented two additional redundant safety checks so that this issue doesn’t happen again.” News of the bug induced considerable volatility in the BLUR token, as is visible below.
Source: CoinMarketCap
In his Tweet, the Blur founder also assured refunds to compensate all users who were affected by the canceled bids. The compensation structure was such that the refund would be two times the difference between their bid price and the proper top bid at the time. “For instance, if the top bid was 14.5 ETH, and the affected bid was accepted at 15.5 ETH, we’ll refund 2 ETH,” Pacman explained.
Data from Etherscan shows that the refund transaction for affected bidders was successful, with 2327 block confirmations. The refund was processed within 24 hours as assured. The compensation cost Blur 50.8 ETH worth roughly $95,000 at the time.
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Source: Cryptocurrency - investing.com
