ParaSpace Insiders Fierce Controversy About 2,909 Ether Still Unreimbursed

Key Points:

  • Many alleged inconsistencies were reported by ParaSpace, linking its CEO, founder, and CTO Yubo Ruan to the mishandling of cash totaling 2,909 Ether seized via a white-hat interception.
  • Ruan had sole ownership and administration of a part of the protocol monies returned by BlockSec, according to Paraspace.
  • Ruan vehemently denied any misconduct.
This afternoon, the NFT lending agreement ParaSpace disclosed internal disagreements and accusations of asset embezzlement.
ParaSpace Insiders Fierce Controversy About 2,909 Ether Still Unreimbursed

On May 10, the NFT financialization protocol ParaSpace released a series of alleged anomalies linking its CEO, founder, and CTO Yubo Ruan to the mishandling of money totaling 2,909 Ether retrieved through a white-hat interception on March 18.

Ruan vehemently denied any wrongdoing:

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“Manufacturing claims with the intent to take over and force me to step down as CEO. This is highly problematic and the legal team has taken action.”

“There is no misappropriation of public assets,” Yubo said, but certain members of the team want to overthrow the kingdom!

On its official Twitter account, ParaSpace requests that Ruan “step down from his roles as CEO and CTO.”

Jay, the co-founder, was also there at Planet Daily’s Twitter Space conflict, when the two sides traded fire over the air. Jay also posted via ParaSpace that the creator, Yubo, had embezzled mobile account cash and had contacted them 30 hours before the Twitter Space.

According to the Twitter text, the 2,909 ETH funds recovered after ParaSpace was hacked on March 18 of this year have not been fully returned to ParaSpace, and initially, more than 50% have not been returned, resulting in loopholes in the protocol treasury, and these funds were collected by external wallet management named 0x909…; additionally, any exchange activity by 0x909 has nothing to do with the ParaSpace vault, and all funds are directed to yubo.

As a result, Jay said that the team is working together to assure the agreement’s multi-signature “majority security,” and Yubo’s multi-signature address authority has been removed. At the moment, all users’ assets are secure, and Yubo can no longer meddle. Jay repeatedly said on Twitter Space, “Blockchain Don’t Lie,” calling on creator Yubo to quit as CEO and give over all remaining assets.

Ruan, on the other side, claims that two former ParaSpace consultants, Thomas Schmidt and Jay Yao, who are now listed as the protocol’s COO and CBO, respectively, illegally got control of one of the protocol’s multisig and social media accounts by misrepresenting themselves. Ruan said that upon receiving saved monies from BlockSec, himself, Thomas, Jay, and other key engineering parties agreed to and arranged an organized redeposit mechanism in stages.

“To date, following the schedule, all of the hacker’s debt has been deposited back into the hacker account. The residual amount has already been paid back in full according to schedule. The mischaracterization by them is absurd, and I have nothing to hide,” Ruan wrote.

The incident seemed to have transitioned to Rashomon at the conclusion of Twitter Space. Both parties have their own points of view. Jay also requested that the battleground be transferred to ParaSpace’s official Twitter and that the video camera be opened to allow the team to face each other. The reality is obvious, but the most essential thing for consumers is to promptly limit dangers and remove funds.

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

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