ParaSpace NFT Lending Agreement Resumes Operations After Security Fixes

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

Introduction

ParaSpace, the popular NFT lending agreement, recently disclosed that it had encountered a security breach. On March 21, 2021, the team made a public announcement that they were working towards re-opening the agreement in stages after addressing the security glitches. The company has enlisted the services of BlockSec and 12 other security experts to review and test security patches. After overcoming the security issues, ParaSpace has resumed operations with upgraded security measures.

ParaSpace: The Lending Agreement

ParaSpace is a decentralized finance application that operates on the Binance Smart Chain. It offers its users the opportunity to lend and borrow NFTs. The platform offers a flexible and secure method for managing NFTs through an easy-to-use interface.

The Security Breach

ParaSpace encountered a security breach that exposed it to potential malicious attacks. The company was quick to address the issue and announced the closure of the agreement until the security patches were put in place.

Review and Testing of Security Patches

After the security breach, ParaSpace engaged the services of BlockSec and 12 other security experts to scrutinize the protocol and test the security patches. This move was to enhance the security of the protocol, and ensure that user funds remain secure. The team worked round the clock to fix the underlying issues, and now the lending agreement is back in operation.

Repayment Functionality Restarted

ParaSpace has restarted its repayment function, enabling users to repay their loans. The company intends to gradually reopen the remaining agreement functionalities in the coming days.

Upgraded Security Measures: Withdrawal Time Locks

The security breach experienced by ParaSpace exposed a significant vulnerability in its withdrawal time locks. As a result, the team has undertaken security reviews and testing to enhance the security of the withdrawal time locks. Once complete, users will have an even more secure lending experience.

Automatic Compound Interest and CAPE Repayment Functions Set To Resume

ParaSpace will resume its automatic compound interest and CAPE automatic repayment functions on Tuesday. This move is another significant indicator that ParaSpace is committed to ensuring the platform is as secure as possible.

Clearing Function to Resume

On Wednesday, ParaSpace plans to resume its clearing function. This means users can feel more confident about their lending activities on the platform.

Timelock Security Enhancements

ParaSpace has added a Timelock security enhancement to borrow and withdraw funds over the weekend. This is further evidence of the commitment by ParaSpace to enhance the security of user funds.

Conclusion

ParaSpace’s recent security breach was a clear indication of the importance of strong security measures in the world of decentralized finance. However, the team quickly fixed the underlying issues and promptly engaged security experts to test and review the protocol. The new security measures put in place mean that ParaSpace is now more secure and better equipped to serve its users in the NFT lending space.

FAQs

#Q1: What is ParaSpace?

ParaSpace is a decentralized finance application that operates on the Binance Smart Chain that offers users a lending and borrowing platform for NFTs.

#Q2: Why was ParaSpace Closed?

ParaSpace was closed due to a security breach that exposed the protocol to potential malicious attacks.

#Q3: What did ParaSpace do to Address the Security Breach?

ParaSpace addressed the security breach by engaging the services of BlockSec and 12 other security experts to scrutinize the protocol and test the security patches. The team worked round the clock to fix the underlying issues, and now the lending agreement is back in operation.
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