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ParaSpace CEO Denies Allegations of Mismanagement of Recovered Funds in NFT Financialization Protocol

ParaSpace, a nonfungible tokens (NFT) financialization protocol, has been embroiled in controversy after its CEO, founder, and CTO Yubo Ruan was accused of mismanaging funds equaling 2,909 Ether (ETH) recovered through a white-hat interception that occurred on March 18. Ruan has denied any wrongdoing and claims that the allegations are an attempt to force him to step down as CEO.

However, ParaSpace has called for Ruan to step down from his roles as CEO and CTO, alleging that he had "exclusive control and management" of a portion of protocol funds returned by BlockSec. The development team also alleges that these assets had "outflown to various unknown wallets as well as out to CEXs and Circle redemptions," totaling $1 million. The situation is still ongoing, and Cointelegraph has not independently verified the allegations brought forth by either of the two parties.

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