ParaSpace overcomes hack, almost lost $5m in NFTs


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Samuel Mbaki Wanjiku

In the early hours of March 17, 2023, ParaSpace, an NFT lending project, faced a hack attack but salvaged 2900 ETH (around $5 million) worth of BAYC NFTs. The platform achieved this after noticing a suspicious transaction and halting the entire protocol. 

ParaSpace becomes the latest NFT hacking target

ParaSpace, one of the many notable NFT lending platforms, recently noticed a suspicious transaction which turned out to be a hacker attack that almost cost them 2900 ETH worth of assets, and halted the entire protocol.

The platform confirmed via Twitter that they acted swiftly and effectively in curbing the situation by halting its protocol and suspending all operations. Restrictions were installed, and no transactions, including liquidations, deposits, or withdrawals, were permitted.  

However investigations are still ongoing, but no conclusions have been made about the identity of the perpetrator. Updates on the matter are yet to be discovered as the ParaSpace team continues to look into the happenings. 

ParaSpace is receiving praise for its prompt action against the attack, saving a substantial amount of assets. BlockSec was among the thrilled enthusiasts and even commented on the matter. 

The actions by ParaSpace in dealing with the attack are commendable, given that major NFT platforms suffer from similar attacks and end up in losses.

OpenSea, an NFT Marketplace behemoth, is one platform that has notably been a victim of hack attacks. Individual investors like celebrities and NFT collectors have also been victims of such occurrences. Keep watching for updates on the story.

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