The ParaSpace team is in conflict with the CTO over the alleged whereabouts of the protocol funds.
Statements made by the team and the CTO contradict each other. CTO, who made a statement on this issue, shared the situation and his ideas on Twitter.
Paraspace CEO Makes Statements on Twitter
Paraspace’s protocol developers demanded the resignation of CEO and CTO Yubo Ruan, while Ruan accused the development team of “illegal takeover”.
ParaSpace, the protocol for financializing NFTs, has published several alleged irregularities that link its CEO, founder, and CTO Yubo Ruan to mismanagement of funds equal to 2,909 Ethereum.
Ruan denied the accusations and made the following statement on Twitter:
“Making claims with the aim of taking over the business and forcing me to resign as CEO. This is very problematic and the legal team has taken action.”
Contributors at @ParaSpace_NFT ,
I write to make you aware of a pressing matter concerning our company. Two former consultants, Thomas Schmidt, and Jay Yao, have illegally obtained control of one of the protocol’s multisig and social media accounts. They did so by contacting key…
— Yubo Ruan (@yuboruan) May 10, 2023
According to the Paraspace team, Ruan had “control and management” of some of the protocol funds returned by BlockSec. The developers later claimed that some of the 2,909 Ethereum believed to be controlled by Ruan was “not fully refunded to the protocol, initially more than 50 percent was not returned, leaving a gap in the protocol treasury.” The development team is also questioning where these assets “flow into various unknown wallets, as well as CEXs and Circle redemptions,” with a total of $1 million.
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