The ParaSpace Team Accuses CEO of Going Rogue.

ParaSpace NFT, a lending and borrowing protocol for non-fungible tokens (NFTs), has been hit by controversy after 19 executives accused its CEO, Ruan Yubo, of stealing users’ funds. The ParaSpace team alleges that Yubo stole 1,454.5 Ethereum (ETH) and has yet to return 50% of the funds recovered from a hack in March 2023. Additionally, $1m in funds was transferred to different wallets and exchanges. However, Yubo claims that the returned funds were used to recapitalize the protocol, and that the wallet in question is being used for operational purposes. The dispute has led to Yubo being overthrown by other executives, including ParaSpace’s co-founders, Thomas Schmidt and Jay Yao. However, Yubo claims the pair are former consultants, not shareholders or board members of ParaSpace.