ParaSpace Civil War Erupts Over Missing Millions

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    Team members of the NFT lending protocol ParaSpace, defendant Project founder Yubo Ruan has withheld millions of dollars worth of corporate funding.

    In March, ParaSpace recovered $5 million from hacking the platform, but the team now claims Ruan kept most of the money for himself. Yubo Ruan responded by calling the accusations “unverified information.”

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    millions missing

    Top NFT-Fi ParaSpace, a lending platform with a TVL of around $140 million and above, is in a very public civil war over underfunding recovered from a March 18th protocol exploit.

    According to several team members, including COO Thomas Schmidt and CBO Jay Yao, more than half of the hacked funds never made it into the ParaSpace multisig wallet. ParaSpace is where most of the money is Instead, it remains in the wallet under the full control of founder Yubo Ruan. Team members further claim that the money is siphoned off over time.

    May 10th, Paraspace twitter account “Since the hack, approximately $1 million worth more has leaked to various unknown wallets and redemptions on CEX and Circle.”

    ParaSpace went on to add that “from the initial amount, there is no longer enough available funding to cover the Treasury hole in the protocol.”

    Team members were keen to assure users that the financial hole created by the lack of funding “will not significantly affect the financial stability of the platform.”

    Reply from the (former) Chief

    ParaSpace founder Yubo Ruan has refuted the accusations, but was initially unable to directly refute their content. Ruan initially called them “unauthorized tweets.”

    “This account [official ParaSpace account] is now under the control of former marketer Jay, who unfortunately shares unconfirmed information,” Luan said.

    and follow up tweet Ruan went on to reveal his side of the story.

    “Two former consultants, Thomas Schmidt and Jay Yao, have illegally controlled one of the protocol’s multisig and social media accounts. falsely claimed to be the founder/shareholder of @ParaSpace_NFT and made a claim with intent to take over the CEO and force me to step down.This was so problematic that the legal team took action. ”

    Team members accuse Yubo of delaying tactics and acting “vaguely”.

    As a final assurance to users, the ParaSpace team states that “all user funds and assets are secure and cannot be accessed by Yubo.”

    Solidarity with Yubo Luan

    The ParaSpace team members who have accused Rubo Yuan are:

    Chief Operating Officer, Thomas Schmidt

    Chief Business Officer, Jay Yao

    Marketing Director Zheng Duong

    Lead Protocol Research, David Rodriguez

    Walid Habboul, Lead Solidity Developer

    Product Manager, Jonathan Chen

    Sheel Shah, Head of BD

    Community Head, Dylan Weatherford

    Head of Partnerships, Justin Tyler

    Ethan Crowley, Head of Europe

    Pan Hu, Head of APAC

    APAC BD/Community, Luke Hsieh

    Maggie Fu, APAC Community

    APAC BD, Ming Ren

    Carey Fang, APAC BD/Community

    BD Operations, Randall Ly

    BD Analyst Rachel Ibanez

    April Adlawan, BD Analyst

    Maddy Campomanes, BD Analyst

    Despite the long list of accusers, Ruan said: Another tweet read, “protection @parasapce [sic]. Protect your users.confront @Yuboruan against malicious takeovers. ”

    Some of the aforementioned team members jumped in shortly after the news broke Twitter Spaces Live Stream We answer questions from our community and advocate our commitment to transparency and protection of user funds.

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