Over the last few days our team has been diligently investigating an issue we encountered during the domains auction with @unstoppableweb.
We've discovered the issues, and are in communication with the parties involved.
The auction is designed to use the "regular" bids system. Regular bids are built for simplicity & can be placed / removed at any time without a commitment. Because our auction system is intertwined with regular bids, the person was able to place / edit a regular bid after the auction had ended. Unstoppable Domains was not able to choose winning bids and could only accept the highest bid via the “accept winning bid” button.
A few things we'd like to clear up:
1️⃣ The user did not lose any funds during this incident. The balance for bids is converted into WETH & is still on the bidder account. You can verify this through their wallet transactions on Etherscan.
2️⃣This incident was not caused by any external security breaches.
3️⃣ There is no evidence of fraud or wrongdoing from any of the parties involved.
While the outcome is not ideal, it has brought to our attention a rare issue with the auction system. For now, Rarible will be pausing the auction feature in order to improve the product.
We've discovered the issues, and are in communication with the parties involved.
The auction is designed to use the "regular" bids system. Regular bids are built for simplicity & can be placed / removed at any time without a commitment. Because our auction system is intertwined with regular bids, the person was able to place / edit a regular bid after the auction had ended. Unstoppable Domains was not able to choose winning bids and could only accept the highest bid via the “accept winning bid” button.
A few things we'd like to clear up:
1️⃣ The user did not lose any funds during this incident. The balance for bids is converted into WETH & is still on the bidder account. You can verify this through their wallet transactions on Etherscan.
2️⃣This incident was not caused by any external security breaches.
3️⃣ There is no evidence of fraud or wrongdoing from any of the parties involved.
While the outcome is not ideal, it has brought to our attention a rare issue with the auction system. For now, Rarible will be pausing the auction feature in order to improve the product.
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