ParaSpace To Restart Before March 25, Repay Functionality Is Now Live

Key Points:

The withdrawal timelock contract is currently being refined and will be evaluated and tested in the next few days.

We are excited to share some exciting updates on the security patch and phased reopening of ParaSpace.

Our team, alongside @BlockSecTeam and 12 other top security experts and auditors brought together by @secure3io are pleased to announce that the auditing and testing of the… https://t.co/uSAuNLdn6j

— ParaSpace (@ParaSpace_NFT) March 20, 2023

To maintain the platform’s safety and security, the ParaSpace team, in collaboration with the BlockSec team and 12 other top security experts and auditors assembled by Secure3, decided to reopen the protocol in stages, prioritizing repayment, supply, liquidation, lending, withdrawals, and timelock enhancements.

The team anticipates that all platform functionalities will be available by March 25. The first step of the platform’s repayment function has been implemented, with the goal of allowing users to settle their debts while liquidation is still halted.

Once the agreement goes live, ParaSpace will begin manually claiming and compounding APE staking rewards in the APE pool for users. During the gradual reopening, users who simply possess APE in the APE pool will be able to reap the advantages of automatic compounding.

At an AMA tomorrow at 7:00 PM EDT, the team will also discuss their incentive scheme for customers impacted by the protocol pause and phased rollout.

As Coincu reported, on March 17, hackers tried to attack the Paraspace platform. Nevertheless, BlockSec quickly spotted and halted the hacker’s scheme and took control of the 2,900 ETH ($5 million) that was about to be lost. BlockSec then notified the loan project, and Paraspace promptly suspended the protocol to investigate the problem. The project claims that all NFTs deposited on the platform are safe.

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