As a result of the discovery of a suspicious transaction, ParaSpace, an #NFT Lending platform, has announced the suspension of operations.
No transactions, including deposits, withdrawals, or liquidations, are currently possible on ParaSpace.
They are currently looking into it and will provide an update as soon as they learn more. Also, users have been made aware that the project's remaining property is still secure.
In addition, the auditing firm BlockSec reported that it had found an attack on the ParaSpace network, protecting about 2,900 #ETH (nearly $5 million) from hackers and sparing many #BAYC investors losses.
The lending effort ParaSpace has received recognition from the community on the NFTFi array.
ParaSpace has only been operational for two months at this time. It garnered the second-highest TVL on the same track without providing token incentives. In comparison to other NFT loans, its products are full of minor nuances that help customers and are better suited to the habits of veteran #DeFi gamers.
Although only recently launching its mainnet version, BendDAO has been surpassed by ParaSpace to take the top spot on the TVL ranking among NFT Lending efforts.
The Goerli Network testnet was released by ParaSpace on November 14, 2022, inviting participants to participate through the three separate activities of Traveler, Explorer, and Settler.
DeFi systems have recently come under more assault. This took place as a result of a recent hacking assault in which Euler Financial lost almost $200 million. Despite the hacker's capture being the subject of a $1 million prize from the initiative, the attacker began to distribute the money obtained through Tornado Cash.