NFT Lending: ParaSpace Update and Enhanced Security Implementation

On March 21, it was reported that the NFT lending agreement ParaSpace disclosed the progress of attack processing and will reopen the agreement in stages. Block

NFT Lending: ParaSpace Update and Enhanced Security Implementation

On March 21, it was reported that the NFT lending agreement ParaSpace disclosed the progress of attack processing and will reopen the agreement in stages. BlockSec and 12 other security experts in the field have completed the review and testing of security patches. Currently, ParaSpace is undergoing security reviews and testing to enhance the security of withdrawal time locks. ParaSpace has launched its repayment function, and will resume its supply function later today. On Tuesday, it will resume its automatic compound interest and cAPE automatic repayment functions. On Wednesday, it will resume its clearing function. On weekends, it will use Timlock security enhancements to borrow and withdraw funds.

ParaSpace: Provide NFT compensation that can be exchanged for ParaSpace tokens for all affected users

As reported on March 21, ParaSpace, the NFT lending agreement suffered an attack which raised concerns about the security of the agreement. However, on a positive note, ParaSpace has disclosed its progress in attack processing and announced it will reopen the agreement in stages. BlockSec, along with 12 other security experts in the field, completed the review and testing of security patches, which indicates that the platform has taken a significant step towards enhanced security.

What Happened to ParaSpace

ParaSpace, a decentralized lending platform powered by Non-Fungible Tokens (NFTs), suffered an attack on March 9. According to the post-attack analysis report, hackers were able to exploit a smart contract vulnerability, leading to a loss of approximately $3.7 million worth of cryptocurrencies. As a result, ParaSpace suspended its supply, borrow, and repayment functions.

The Progress of Attack Processing:

After the attack, ParaSpace initiated an emergency response to recover the lost funds, which involved the implementation of several security measures, such as developers fixing vulnerabilities, reviewing and testing security patches. Following this, there was a series of steps that ParaSpace took in response to the attack:

Stage 1: Security Review and Testing

ParaSpace underwent a comprehensive review and testing of security patches from BlockSec and 12 other security experts in the field. The platform has been praised for its transparency and honesty in addressing the security concerns. With the review and testing of its security patches completed, ParaSpace is moving forward with enhanced security.

Stage 2: Security Reviews and Testing

To enhance the security of withdrawal time locks, ParaSpace is currently undergoing security reviews and testing to ensure the continued safety of the platform.

Stage 3: Repayment Function Resumption

ParaSpace launched its repayment function, and it will resume its supply function later today.

Stage 4: Automatic Compound Interest and cAPE Automatic Repayment Functions Resumption

ParaSpace announced it will resume its automatic compound interest and cAPE automatic repayment functions on Tuesday.

Stage 5: Clearing Function Resumption

ParaSpace will resume its clearing function on Wednesday.

Stage 6: Weekend Operations with Security Enhancements

On weekends, ParaSpace will use Timlock security enhancements to borrow and withdraw funds.
It is reassuring to see ParaSpace diligently addressing security issues and taking the necessary steps to recover from the attack.

Conclusion

ParaSpace has demonstrated a robust emergency management strategy in the wake of the attack. The platform has been transparent in addressing the security issues and providing regular updates. It has taken considerable steps towards enhanced security, and the resumption of its functions shows that recovery efforts are progressing well. As the platform moves closer to a full restoration, users can be confident that ParaSpace is taking the appropriate measures to ensure the utmost safety and security of their funds.

FAQs

1. What is ParaSpace?
ParaSpace is a decentralized lending platform powered by Non-Fungible Tokens (NFTs), which allows users to borrow and lend cryptocurrency.
2. What happened to ParaSpace?
ParaSpace suffered an attack on March 9, which led to a loss of approximately $3.7 million worth of cryptocurrencies.
3. How is ParaSpace addressing the security issue?
ParaSpace is addressing the security issue by undertaking several measures such as developers fixing vulnerabilities, reviewing and testing security patches, conducting security reviews and testing to enhance the security of withdrawal time locks, and implementing Timlock security enhancements to borrow and withdraw funds on weekends.

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