Trouble at ParaSpace causes ripples in NFT market; BAYC and MAYC impacted

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ParaSpace, an NFT lending protocol, observed conflicts surrounding its governance due to management issues. As large withdrawals take place, the NFT sector gets impacted.

Yuga Lab NFTs saw a decline in interest. Milady begins to capture market share.

Decentralized lending protocol ParaSpace witnessed some conflicts within its governance over the last few days. ParaSpace allows users to borrow and lend against NFT tokens.A group comprising over twelve personnel, including the Chief Operating Officer of ParaSpace, seized the reins of the organization’s official Twitter account.

They endeavored to counteract the CEO’s actions and removed his authority from the protocol. The group made allegations against the CEO of having an unchallenged hold on the project’s finances and failing to provide relevant financial information. After getting access to the official Twitter account, the team stated that they had no plans for any malicious behavior.TL;DR: There have been no malicious acts from the team. All funds are safe from Yubo, the protocol is under the full control of the team, and we have the financial means to ensure the stability of the platform.

 

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