Blur Resolves Bid Cancellation Bug and Offers Generous Refunds to Affected NFT Traders

Blur, a popular NFT marketplace, has resolved a bug in its message processing system that caused some bids to be canceled within the last 80 hours. This glitch affected a number of NFT traders, but Blur has taken swift action to resolve the issue and compensate those who were affected with generous refunds.

The detection and resolution of the bid cancellation bug by Blur’s CEO, Pacman, was swift. At approximately 8 pm PT, the bug was detected and the bid acceptance functionality was disabled. Within half an hour, the team received 36 affected bids, and they quickly set to work on resolving the problem. By 11:05 pm PT, the bids were enabled once again, and the issue was resolved.

The Blur Resolve

To prevent similar issues from occurring in the future, the marketplace has implemented two redundant safety checks in addition to the existing ones. This ensures that its message processing system is secure and efficient.

As a gesture of goodwill, Blur has announced that affected traders will receive twice the difference between their bid price and the top bid in Ethereum (ETH) as refunds. For instance, if the top bid was 14.5 ETH and the affected bid was accepted at 15.5 ETH, the refund would be 2 ETH.

It is worth noting that affected traders do not need to sell their NFTs to receive the refund, as Blur will send the amount within 24 hours.

The community’s response to this announcement has been overwhelmingly positive, with many praising Blur’s professional and generous approach to the issue

However, some members of the community have expressed concerns about the security of funds on the platform, highlighting the need for all marketplaces to prioritize the security of their platforms and the funds of their traders.

This incident is not the first time that Blur has had to deal with security concerns, as in December 2022, the company offered traders a 50% refund after a user lost 70 ETH due to an issue with the user interface. It is crucial that all marketplaces prioritize security measures to prevent similar issues from occurring.

Blur’s swift resolution of the bid cancellation bug and generous refunds to affected traders demonstrate its commitment to its users. The marketplace’s measures to prevent similar issues in the future are also commendable. 

However, this incident highlights the importance of prioritizing security measures on all platforms to ensure the safety of funds for traders.