ParaSpace Almost Lost 2,900 ETH Because Of Hacker Attack

Key Points:

• ParaSpace, an NFT lending initiative, detected a suspicious transaction and halted the whole protocol.
• BlockSec said that it stopped an assault on the platform and saved 2900 ETH, as well as a substantial number of BAYC holders.
• Users have also been informed that the property left on the platform is still protected. The team is looking into the problem, but no transactions, including withdrawals, deposits, or liquidations, are permitted on ParaSpace.

ParaSpace, an NFT Lending platform, has announced the suspension of operations owing to the detection of a suspicious transaction.

At the moment, no transactions, including withdrawals, deposits, or liquidations, are possible on ParaSpace.

According to the team, they are presently investigating and will offer an update as we get more information. Users have also been informed that the property left in the project is still protected.

Moreover, the audit company BlockSec stated that it had discovered an assault on the ParaSpace platform, therefore shielding around 2,900 ETH (almost $5 million) from hackers, and a large number of BAYC holders avoided losses.

On the NFTFi array, the community has recognized the Lending initiative ParaSpace.

Currently, ParaSpace has only been in operation for two months. Without issuing token incentives, it attracted the second-highest TVL on the same track. Compared to other NFT loans, its products are more suited to the habits of old DeFi players, and products are full of small details for the benefit of users.

Despite having just recently launched its mainnet version, ParaSpace has eclipsed BendDAO to dominate the TVL list among NFT Lending initiatives.

On November 14, 2022, ParaSpace launched the Goerli Network testnet and dedicated people to join via three distinct activities: Traveler, Explorer, and Settler.

Attacks against DeFi systems have recently increased. This occurred as part of a recent attack in which Euler Financial was hacked for roughly $200 million. Despite the project’s promise to provide a $1 million reward for the hacker’s capture, the attacker started to disseminate the money acquired via Tornado Cash.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News