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ParaSpace Team To Promote Immediate Action To Tackle Platform Interest

Key Points:

ParaSpace will hold a meeting for all multi-signers.
The platform will take action to resolve the interest rate issue.
The team will invite CEO Yubo Ruan to the meeting.

The ParaSpace team continues to argue about solving the platform’s problems after depriving CEO Yubo Ruan.

ParaSpace Team To Promote Immediate Action To Tackle Platform Interest 2

The team has agreed to make the 3rd party moderated meeting with Ruan and all multi-sig signatories accessible for everyone to listen in on Twitter Spaces.

Accordingly, they identified two problems to be solved. The first is the immediate steps to address the underlying interest rate. The remaining multi-signers are required to suspend the interest rate protocol for the borrower.

In addition, ParaSpace is considering releasing the multi-sig, according to the team:

“All actions taken by the ParaSpace team were never a bid for possession or control. Any other allegations, legal or otherwise, are misguided and an attempt to spread fear and confusion during crisis. We have already fully achieved our mission to bring due awareness to the community regarding the management of their funds and prevent the protocol from being compromised through the multi-sig by irrational actions and any intent unaligned with the integrity of user assets.”

The team is also committed to facilitating the transfer of control from all signatories of the ParaSpace team and any willing signatories from the Ruan side to the community-elected signatories. The plan includes 1 day of nominations, followed by 2 days of voting.

Previously, ParaSpace publicly contradicted itself and accused CEO Yubo Ruan of misappropriating the 2,909 ETH recovered from the March hack. The team asked Ruan to resign, while he alleged to the contrary that employees were taking their rights.

Previously, ParaSpace posted an update on the incident. The team will work hard to find a solution, call Ruan to contact the project, and hope he puts the interests of users first to end this trouble soon.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.