ParaSpace, a blockchain protocol that allows users to create and trade NFTs, released a statement regarding its recent security patch and platform update.
Currently, funds have been recovered from BlockSec, and ParaSpace is rebalancing the pools on the platform. The company is also working on patching the cAPE exchange so that it can be restored to 1:1 with APE.
According to the company, the protocol has been paused for a little less than 48 hours, but assets are safe and no user funds have been lost. It is actively looking into compensation for all users affected by the protocol being frozen and will communicate with the community once a compensation plan has been finalized.
To emphasize protocol security, ParaSpace is restructuring internally and allocating a significant amount of runway/budget to increase its security efforts. The company is increasing its bug bounty sizes to $200k for critical bugs and is actively building a 24/7 solidity team across all time zones to monitor transactions interacting with its contracts in real-time. Additionally, ParaSpace has started the interview process to hire a Head of Solidity and Security. The goal is to increase security from a top-down protocol design perspective, and ParaSpace believes these new changes will be critical in preventing future attacks.
🗒️ Notes / Recap from Our Security Patch & Platform Update Spaces— ParaSpace (@ParaSpace_NFT) March 19, 2023
• Protocol has been paused for a little less than 48 hours.
• Assets are safe and no user funds have been lost.
We have been working around the clock to complete the patch and have several updates… https://t.co/c2wWlEDRqy