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From the CHANGE_LOG file:
v1.539 Jun 12, 2022
Automatic IP blacklist download added to admin network tab. Enabled by default.
Selcall decoder improvements.
when does the blist thing occur?
On restart and same time as the software auto update (works even if software auto update is disabled).
if there are connections, does it get skipped like an software update would?
Yes, same criteria as software updates. That's why I added it there. And why I had to be so careful testing it (so I didn't break software updates in the process).