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A bug in the new bidding system of non-fungible token (NFT) marketplace Blur caused a user to lose 70 ETH by accidentally overbidding on an Art Gobbler NFT.
See related article: NFT images of anti-lockdown protests in China flood OpenSea
Fast facts
- “I lost 70 ETH when I was using the new bidding system of @blur_io,” tweeted pseudonymous NFT trader Keungz, who is also the creator of the Keungz Genesis NFT collection.
- “When a user wants to input 0.1 ETH, if he enters a dot without zero, it becomes 1 ETH,” explained Kuntz, after the bug caused him to accidentally bid 70 ETH on Art Gobbler 8273, which had a floor price of 3.77 ETH.
- Blur replied to the thread saying that its policy is to refund users for platform bugs but not for user errors, adding that the platform will offer a 50% refund in this incident.
- “We originally considered the bid mistake to be a user error because there was no bug in the product per se. After evaluating further, we see how this can be considered a bug from the user’s perspective, so we will refund 50% to traders who were affected by this UI behavior,” wrote Blur, adding that they will offer automatic refunds for “collection bids that were accepted over 25% of the non-flagged floor [price]…”
- Paradigm-backed Blur launched on October 19, branding itself as the “NFT marketplace for pro traders.”
- Art Gobblers is an Ethereum-native collection of 2,319 NFTs created in August, depicting cartoon, animated monsters. The collection had a total trading volume of 11,548 ETH at 06:40 p.m. in Hong Kong.
See related article: Coinbase disables NFT transfer on iOS app, citing hefty in-app fees