Co-Founder of ParaSpace Steps Down to Address Controversy

ParaSpace NFT co-founder Jay Yao has resigned from the non-fungible token (NFT) protocol after a public dispute with CEO Yubo Ruan. Although a resolution has been reached, the community is frustrated by the cost of gas fees resulting from the controversy. Yao and several other team members issued a public apology and resigned from the project, with Ruan gaining control of their Twitter handle and multi-sig wallet. However, Ruan is yet to apologize, and the community has accused Yao and co-founder Thomas Schmidt of holding them hostage over the co-founder title. The controversy began when Yao and Schmidt wrote an open letter accusing Ruan of stealing users’ funds, resulting in asset withdrawals and hefty gas fees for the community. Ruan has since tweeted a video announcing reorganization and transparency measures, as well as new staff for marketing and business development teams.