Paraspace Civil War Continues As Ruan Team Creates New Twitter Account

Key Points:

  • Twitter account “Paraspace_Official” was created to argue with anti-CEO group Yubo Ruan.
  • The protocol development team is still hotly arguing and dethroning Ruan.
On May 11, the “Paraspace_Official” Twitter account was created, this is a “sub” account created by the support team of CEO Yubo Ruan. This took place while there were fierce internal discussions within the project.
Paraspace Civil War Continues As CEO Yubo Support Team Creates New Twitter Account

The account said that:

“Hello, the @ParaSpace_NFT community, we are the core developer team, currently run by @0xJ_C. I am the smart contract engineering lead.

The current Paraspace twitter has been unlawfully controlled by the consults: @MrFryR, @jenndefer and #ThomasSchmidt.

We denounce their falsified claims in an attempt to force a takeover. Our core team of 30 engineers stands in unity to support @yuboruan and thereby protect the protocol and its users.

In the next 4 hours, we’ll come together to speak to the community with full transparency.”

Earlier, in the afternoon of March 17, ParaSpace was hacked, but the attack was stopped. At the time, BlockSec assisted the NFT platform in recovering 2,900 ETH just before they were about to lose everything. After an on-chain review, the project discovered that around 50% of the cash remained unreimbursed, resulting in a hole in the protocol treasury. Internal strife erupted as a result.

According to Paraspace, Yubo Ruan, the project’s CEO and CTO, has diverted a portion of the funds returned by BlockSec. Around $1 million has been transferred to anonymous wallets, CEX exchanges and converted into USDC. The remainder is sent to ParaSpace’s account.

Paraspace Civil War Continues As CEO Yubo Support Team Creates New Twitter Account

ParaSpace demanded the “decommissioning” of Ruan’s CEO and CTO through its Twitter account. The team that created the NFT lending protocol ParaSpace wanted Ruan’s resignation, but he refused, claiming that the workers were taking his rights.

Ruan, on the other hand, verified that the aforementioned story was manufactured. He said that two previous advisers, Thomas Schmidt and Jay Yao, who are now the protocol’s COO and CBO, are unlawfully obtaining control of its multisig and Twitter accounts. Ruan said that after receiving cash from BlockSec, he, Thomas, Jay, and other key players arranged a staged refinancing.

The ParaSpace issue is an example of internal blockchain project management, highlighting the necessity of openness and responsibility in managing user assets.

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