ParaSpace: The protocol will be reopened in phases, providing all affected users with future NFTs redeemable for ParaSpace tokens

The NFT lending protocol ParaSpace disclosed the progress of the attack and will reopen the protocol in stages. BlockSec and 12 other security experts in the field have completed the security patch review and testing. Currently ParaSpace is undergoing security review and testing to enhance withdrawal time lock security. ParaSpace has launched the repayment function, and will resume the supply function later today, resume the automatic compound interest and cAPE automatic repayment functions on Tuesday, restore the liquidation function on Wednesday, and borrow and withdraw with the help of Timlock security enhancements on weekends. All affected users will receive an NFT, which can be redeemed for future ParaSpace tokens, ParaSpace said. Additionally, users who contribute to the ParaSpace lending pool will receive additional tokens to make up for missed yield opportunities during the protocol suspension. All users affected by the protocol freeze will receive this NFT, regardless of whether they continue to use the platform. In addition, ParaSpace will introduce an incentive program. Foresight News previously reported that on March 17, ParaSpace said it had observed a suspicious transaction and had suspended the entire ParaSpace protocol as a security measure. Currently, ParaSpace's contracts cannot conduct any transactions, including withdrawals, deposits, and liquidation activities. Subsequently, BlockSec tweeted that it prevented an attack on ParaSpace, an NFT lending agreement, and saved 2,900 ETH assets.