The ParaSpace team claims CEO Went Rogue
Controversy has hit the ParaSpace NFT protocol after the CEO was ousted by other executives following the alleged theft of 1454.5 Ethereum.
The non-fungible token (NFT) lending and borrowing protocol, ParaSpace NFT, has reported a hole in the treasury. Over 19 team members have accused CEO Ruan Yubo of stealing users’ funds.
Ruan Yubo and the ParaSpace Team are fighting it out on Twitter
ParaSpace has accused its CEO through a chirping to steal over 1454.5 Ethereum (ETH) in users’ funds. The protocol recovered 2,909 ETH from a hack in March 2023. But the team claims that CEO Yubo has yet to return 50% of the funds.
Executives at ParaSpace say users’ funds were stored in a wallet with the 0x909 address. But they have discovered that the wallet is under the control of Yubo.
Citing chain data, the team says 0x909 owns the Ethereum Name Service (ENS) domains ruanyobo.eth and paraspaceinsurance.eth. Finally, both ENS domains link to yubo.eth.
In addition, there was an outflow of over $1 million in funds to various centralized exchanges, Circle redemptions and unknown wallets. The team claims that there is a hole in ParaSpace’s coffers due to these reasons.
In contrast, Yubo explains that it was decided to use the returned funds to recapitalize the protocol. And the 0x909 wallet is used for operational purposes like insurance.
He tweeted, “The wallet continues to be used for operations as intended at setup. Their mischaracterization is absurd and I have nothing to hide.”
Consultants who claim to be co-founders?
According to ParaSpace’s tweet, co-founders Thomas Schmidt and Jay Yao are leading the fight against Yubo. They removed Yubo’s access from social media handles and multi-sig of the project.
But Yubo claims he was illegally removed. According to Yubo, Schmidt and Yao are former consultants, not the company’s shareholders.
He says: “As it stands, we are in discussion with the structure and roles of business partners; however, they are not yet shareholders or directors of ParaSpace.”
Have something to say about ParaSpace or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook or Twitter.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
In accordance with the guidelines of the Trust Project, BeInCrypto is committed to objective, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify the facts independently and consult with a professional before making any decisions based on this content.
