Blur discovers a bug allowing canceled bids to be accepted
Blur NFT Marketplace has identified a critical bug that affected users and auctions by allowing some users’ previously canceled bids to be accepted. The NFT marketplace offers double compensation to the affected users.
Blur offers double compensation for affected users
Users of Blur, the NFT marketplace launched in October 2022, reported that their canceled bid orders were being filled on April 22. After looking into it, Blur found that their system had a fault that allowed canceled bids to be accepted.
Some NFT marketplace users said their bid orders to acquire NFT were unexpectedly filled, even though they had long canceled the order.
Blur stated on Twitter on April 22 that they found a bug that allows previously canceled bids from its users to be accepted. The NFT marketplace claims to have corrected the problem and will make up the difference by compensating twice as much.
They discovered that the bug had affected some canceled bids placed within the previous 80 hours. As a result, the bid acceptance functionality was disabled.
However, Blur stated that only 36 offers were received throughout the bug’s 30-minute duration. They indicated they had addressed the problem, rectified the bug, and re-enabled bids at 11:05 Pacific Time (PT).
This is just the latest controversy regarding Blur, as the NFT marketplace was recently a victim of price manipulation. As a result, several NFT collections dropped considerably in price.
Refund policy for the affected users
According to Blur, active bids over the floor will be canceled before the current bids are enabled. They have included two additional safety tests to prevent the bug from occurring again.
The difference between each trader’s bid price and the correct top bid at the time of the impacted bids will be repaid twice for those affected by the bug.
The traders don’t have to sell their NFTs for the refund; it will be automatically issued within 24 hours. Blur stated that they would return 2 ETH to the impacted trader. For instance, if the winning bid was accepted at 15.5 ETH when the top bid was 14.5 ETH.