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- Ruan maintained his innocence, claiming that individuals like Yao were attempting to set him up.
- On March 18, an incident involving price slippage on the NFT protocol marked the initial trigger.
On May 19th, Jay Yao, a consultant associated with the Paraspace NFT protocol, stepped down from his position amid the ongoing dispute regarding the whereabouts of the protocol’s funding. The controversy surrounding the missing funds, along with a flurry of accusations exchanged between the CEO and consultants, garnered significant media attention last week concerning the NFT process.
A spokesperson for Paraspace released the following statement:
“Yubo has never engaged in any embezzlement. The entire situation is a setup. Jay & Thomas are neither shareholders nor co-founders of ParaSpace. Their actions are unrelated to ParaSpace.”
Mishandling of $5.4 Million
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Yao’s exit from the firm occurred a week after he and the rest of the Paraspace team had a disagreement with CEO Yubo Ruan regarding the missing funds. At that time, Ruan asserted his innocence, alleging that individuals like Yao were attempting to frame him to force his resignation as CEO.
Additionally, Ruan claimed that Yao and another consultant from Paraspace, Thomas Schmidt, had gained unauthorized access to the protocol’s multisig accounts and social media platforms.
A week later, Yao took to Twitter to announce his resignation from the firm and expressed regret to the user community for allowing internal politics to interfere with operations. He added that the matters at hand were never intended for public knowledge and should have been resolved internally.
The mishandling of 2,909 Ether (ETH), which was valued at approximately $5.4 million at the time, is central to the turmoil surrounding Paraspace. The initial incident occurred on March 18, when an attack involving price slippage on the NFT protocol took place.
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