ParaSpace narrowly avoids a 2900 ETH hack

The blockchain cybersecurity startup BlockSec has enabled the NFT loan protocol ParaSpace to avoid a flight of about 5 million dollars in ETH.

Early this morning, the company BlockSec announced to have blocked an attack against ParaSpace and “saved 2900 ethers”, asking the decentralized finance protocol to contact her as soon as possible.

Following the announcement, ParaSpace quickly reported that it noticed a ” suspicious transaction ” and suspended the protocol, stating that the NFTs, including BAYC, CryptoPunks or MAYC, backed by its service had not been liquidated.

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A few hours later, ParaSpace published a post on Twitter going into more detail about the situation, which could have had a tragic outcome.

Alongside BlockSec, we have identified the cause of the exploit that occurred earlier on the ParaSpace protocol, and we are relieved to share that all user funds and assets on ParaSpace are safe and secure. No NFTs have been compromised and financial losses to the protocol are minimal.” wrote The developers of the platform.

More precisely 2909 ethersthe equivalent of more than 5 million dollars at the current price, could have been stolen. However, ParaSpace indicates that it lost between 50 and 150 ETH due to slippage during the attack. This loss will be fully supported by the protocol.

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“Our team is currently patching the identified vulnerabilities and will keep the protocol paused during this time. We will restart the protocol once we have re-audited our platform,” ParaSpace said.

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