Key Points:
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 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.
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.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Discover the best altcoins to buy ahead of December 2024. Learn why Qubetics, Arbitrum, and…
Discover how BlockDAG is moving towards a $600M goal amidst Ethereum’s price challenges and Cardano’s…
Discover the best altcoins to buy ahead of December 2024. Qubetics presale skyrockets, Celestia gains…
Explore how a Miami trucker turned $15K into $94M through Solana, and his next focus…
Learn about BlockDAG’s $150M presale success & sustainable blockchain model versus Rollblock’s rise in online…
Assess December 2024's prominent meme coins: Dogecoin (DOGE), Pepe (PEPE), & Peanut (PNUT). Learn about…
This website uses cookies.