BlockSec, a smart contract audit firm, prevented a hacker from stealing 2,900 ether ($5 million) from the NFT lending project Paraspace amid a major vulnerability, it said.

BlockSec detected a hack in real time and rescued the funds, it said.

After the perpetrator was unable to execute the attack amid low gas fees, BlockSec carried out the attack as a white hat and took control of 2,900 ether ($5 million) worth of assets from Paraspace. The firm said it has notified Paraspace regarding their return.

“We monitored and observed the failed transaction. Meanwhile, we re-deployed the [hacker's] contract with some upgrades to do the rescue,” said Matthew Jiang, director of security services at BlockSec.

(By Vishal Chawla)