Earlier today, ParaSpace, a cryptocurrency platform, faced a hacking attack. But he was able to recover 2,900 ETH (around $5 million) worth of BAYC NFT. The platform achieved this after noticing a suspicious transaction and stopping the entire protocol.
Cryptocurrency platform ParaSpace is the target of NFT hacker
ParaSpace, one of the many major NFT lending platforms, recently noticed a suspicious transaction that turned out to be a hacker attack costing them almost 2,900 ETH worth of assets and shut down the entire protocol. In a statement on Twitter, the platform confirmed that they were acting quickly and effectively to contain the situation by halting its protocol and suspending all operations. During this process, some restrictions were placed and no transactions were allowed, including liquidation, deposits or withdrawals. In this context, ParaSpace made the following statement:
We noticed a suspicious transaction and paused the entire ParaSpace protocol as a safety precaution. Currently, no transactions (withdrawals, deposits, liquidations) can be executed with our contracts. We are currently investigating and will provide you with an update when we have more information.
We noticed a suspicious transaction, and as a security measure, we have paused the entire ParaSpace protocol.
Currently, no transactions (withdrawals, deposits, liquidations) can take place with our contracts.
We are currently investigating and will provide you with an update… https://t.co/3vrIciVF5C
— ParaSpace (@ParaSpace_NFT) March 17, 2023
Meanwhile, investigations continue. However, no conclusions were reached about the identity of the perpetrator. While the ParaSpace team continues to investigate the events, no new developments have been shared yet.
BlockSec noticed the attack and warned
Blockchain security platform BlockSec is lauded for rescuing significant assets by taking immediate action against the attack. BlockSec was among the excited enthusiasts and even commented on the subject.
We blocked an attack on ParaSpace NFT and recovered 2,900 ETH. Please contact us as soon as possible. We texted 45 minutes ago but got no response.
We blocked an attack on @ParaSpace_NFT and rescued 2900 eth. Please contact us asap. Dmed 45 minutes ago but get no response.
— BlockSec (@BlockSecTeam) March 17, 2023
The ParaSpace attachment passed after BlockSec’s warning contacted BlockSec and determined how the attack was carried out. Following this, the NFT of 2,900 ETH was recovered by taking the aforementioned measures. Meanwhile, it is estimated that there is a loss of around 50-150 ETH. ParaSpace announced that it will assume that this loss will not be passed on to users.
As you follow on Kriptokoin.com, major NFT platforms have suffered from similar attacks and many of them have resulted in losses. Given this situation, ParaSpace’s actions in dealing with the attack are commendable. Meanwhile, OpenSea, an NFT Marketplace giant, is a platform that has been particularly victimized by hacking attacks. Individual investors such as celebrities and NFT collectors have also fallen victim to such events.
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