Audit log

Every state-changing event for ParaSpace Lending V1: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-05-28 04:00:00Z
   Score: ? → ? (no score change)
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   ●mainnet-betaslot 422,643,204

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   37FYEHJQbmao…A3b5MhpXcopyexplorer ↗

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   31XE6s8J2i2y…9dQBHkJZcopysha256 → base58

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   canonical bytes (6654 B) ▸

   {"actor":"system:backfill","investigation_id":"e8bddd4e-2f5b-4829-9385-e7c7db3f5ffe","kind":"publish","page_slug":"paraspace-lending-v1","published_at":"2026-05-28T03:59:59.908Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"ParaSpace Lending V1","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.prnewswire.com/news-releases/paraspace-launches-the-first-cross-margin-lending-protocol-for-nft-and-fungible-tokens-301699670.html","type":"other","url":""},{"credibility":3,"name":"https://defillama.com/protocol/paraspace-lending-v1","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://blocksec.com/blog/paraspace-incident-a-race-against-time-to-thwart-the-industrys-most-critical-attack-yet","type":"other","url":""},{"credibility":3,"name":"https://cryptoslate.com/paraspace-hack-in-retrospect-5m-rescued-large-withdrawals-time-locked-hacker-wants-fees-back/","type":"other","url":""},{"credibility":3,"name":"https://www.theblock.co/amp/post/220761/blocksec-prevents-5-million-from-being-stolen-on-paraspace","type":"other","url":""},{"credibility":3,"name":"https://www.certik.com/resources/blog/aping-peril-the-price-manipulation-exploit-with-paraspace","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://beincrypto.com/paraspace-claims-ceo-went-rogue/","type":"other","url":""},{"credibility":3,"name":"https://www.bitdegree.org/crypto/news/paraspace-ceo-disagrees-with-allegations-of-recovered-fund-mismanagement","type":"other","url":""},{"credibility":3,"name":"https://thedefiant.io/news/nfts-and-web3/paraspace-team-alleges-ceo-embezzled-usd1-7m","type":"other","url":""},{"credibility":3,"name":"https://crypto.news/paraspace-nft-protocols-ceo-stays-firm-as-usurper-resigns/","type":"other","url":""},{"credibility":3,"name":"https://beincrypto.com/paraspace-co-founder-resigns/","type":"other","url":""},{"credibility":3,"name":"https://www.gate.com/news/detail/3728952","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://gritdaily.com/how-yubo-ruan-built-parallel-finance/","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/paraspace-continue-nft-lending-rebrands-parallel-finance","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://cointelegraph.com/news/paraspace-continue-nft-lending-rebrands-parallel-finance","type":"other","url":""},{"credibility":3,"name":"https://medium.com/@ParallelFi/parallel-finance-and-paraspace-are-merging-to-create-parax-a-web3-super-app-powered-by-account-5a5f8ae2fc5f","type":"other","url":""},{"credibility":3,"name":"https://medium.com/@ParallelFi/migrating-from-paraspace-to-parax-everything-you-need-to-know-c4a4964c5c41","type":"other","url":""},{"credibility":3,"name":"https://defillama.com/protocol/paraspace-lending-v1","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.certik.com/resources/blog/aping-peril-the-price-manipulation-exploit-with-paraspace","type":"other","url":""},{"credibility":3,"name":"https://cryptoslate.com/paraspace-hack-in-retrospect-5m-rescued-large-withdrawals-time-locked-hacker-wants-fees-back/","type":"other","url":""}]}],"sources_used":[],"summary":"ParaSpace Lending V1 was an Ethereum-based cross-margin NFT and fungible token lending protocol launched in December 2022. In March 2023, a price manipulation exploit targeting the AutoCompoundApe contract nearly drained $5 million (2,909 ETH) from the protocol; blockchain security firm BlockSec intervened in a white-hat operation to recover the funds. In May 2023, a separate internal governance crisis erupted when over 19 team members accused CEO Yubo Ruan of misappropriating approximately 1,454.5 ETH (~$2.7M) from the recovered funds, allegations Ruan denied. The protocol subsequently rebranded through a merger with Parallel Finance, forming ParaX in August 2023, while the original V1 contracts were wound down and remain at minimal TVL as of 2026.","timeline":[{"date":"2022-12-12","event":"ParaSpace officially launches as the first cross-margin NFT and fungible token lending protocol on Ethereum, backed by Sequoia Capital, Coinbase Ventures, Founders Fund, and Polychain Capital.","source":""},{"date":"2023-03-17","event":"Attacker exploits price manipulation vulnerability in the AutoCompoundApe contract, initiating a flash loan attack targeting 2,909 ETH. BlockSec's Phalcon system detects the attack in real time; BlockSec executes a white-hat version of the exploit and recovers the full 2,909 ETH. Protocol losses from slippage: 50–150 ETH (~$270,000 or less). ParaSpace pauses the protocol.","source":""},{"date":"2023-03-18","event":"ParaSpace confirms all user funds secured. Protocol remains paused pending additional security audits. Large-withdrawal time-locks implemented.","source":""},{"date":"2023-05-10","event":"Internal governance dispute becomes public. Over 19 team members publicly accuse CEO Yubo Ruan of misappropriating approximately 1,454.5 ETH (~$2.7M) of the recovered funds through EOA wallet 0x909. Co-founders Jay Yao and Thomas Schmidt lead the public accusation. Prominent commentators advise users to withdraw funds.","source":""},{"date":"2023-05-12","event":"Yubo Ruan publicly denies allegations, characterizes the 0x909 wallet as an operations and insurance wallet, and claims Yao and Schmidt unlawfully seized control of protocol multisig and social media accounts.","source":""},{"date":"2023-05-19","event":"Resolution announced. Jay Yao and Thomas Schmidt resign from ParaSpace. Both issue public apologies. Ruan remains CEO and gains sole authority over the protocol multisig wallet.","source":""},{"date":"2023-08-01","event":"ParaSpace announces merger with Parallel Finance to form ParaX, a 'Web3 super app.' Combined TVL at announcement exceeds $250 million.","source":""},{"date":"2023-09-04","event":"User migration from ParaSpace to ParaX begins.","source":""},{"date":"2023-12-01","event":"Merged entity rebrands from ParaX to Parallel Finance, refocusing on DeFi expansion including liquid staking and Layer 2 solutions.","source":""},{"date":"2026-05-27","event":"ParaSpace Lending V1 contracts remain deployed on Ethereum, ZKsync Era, Arbitrum, and Polygon with a combined TVL of approximately $115,000, indicating near-total user exodus from the legacy V1 contracts.","source":""}]},"v":1}

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2. #2rescoreby systemsystem

   2026-10-27 06:09:46Z
   Score: 28 → 50 (+22)
   Rescored under Scoring v2, the published formula (avoid.net/scoring): 28 → 50. Problems weighed by who is responsible: the subject's own conduct −8, incidents the subject suffered −3.2, concerns that are not fraud −3.2, problems around the subject, caused by others −2.4; legitimacy credit long-running +6; no longer operating, so capped at 50.
   anchoranchored

   chain

   ●mainnet-betaslot 461,966,865

   sig

   9GFKTP6Lga4o…Ycn9g8YKcopyexplorer ↗

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   4FZLm5dMt8uc…wB9DiT8Rcopysha256 → base58

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   canonical bytes (719 B) ▸

   {"actor":"system","decided_at":"2026-10-27T06:09:46.539Z","decision":"rescore","investigation_id":"e8bddd4e-2f5b-4829-9385-e7c7db3f5ffe","new_score":50,"page_slug":"paraspace-lending-v1","prev_score":28,"reason":"Rescored under Scoring v2, the published formula (avoid.net/scoring): 28 → 50. Problems weighed by who is responsible: the subject's own conduct −8, incidents the subject suffered −3.2, concerns that are not fraud −3.2, problems around the subject, caused by others −2.4; legitimacy credit long-running +6; no longer operating, so capped at 50.","score_delta":22,"score_model":"v2","sequence_num":2,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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3. #3reviewby reviewerreviewer

   2026-11-02 04:55:54Z
   Score: 50 → 50 (no score change)
   The core March 2023 exploit narrative matches BlockSec on the date and the flash loan size. The 373% figure contradicts its own cited numbers (about +274%). The governance dispute figures were only partly checked, and The Defiant headline says $1.7M against the page's $2.7M. The page misses a critical fact: the operator shut down ParaSpace V1 and related lending products on 2025-08-01 and moved to full liquidation, so the 'minimal TVL' framing is stale. That shutdown rests on search snippets because the notice page returned 403.
   anchoranchored

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   ●mainnet-betaslot 464,368,711

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   5aAWrGbJAh13…8Av7v9LDcopyexplorer ↗

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   B7D1Dh7LshNv…tbi99dAHcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (1393 B) ▸

   {"actor":"reviewer","artifact_identity":"02eb6e4ef9225274a59b5c99296b8ae5","decided_at":"2026-11-02T04:55:54.586Z","decision":"review","disputed_pct":0.1667,"findings_hash":"9CiR6YHHeA52rDkSGcW5RVo5HwZ448QMPWiziSF4A5n4","investigation_id":"e8bddd4e-2f5b-4829-9385-e7c7db3f5ffe","judge_def_hash":"8800307026131ea9d5da939d32b9a1f1884b2b84a5de33c8e87931d36f38d0f8","new_score":50,"omissions":{"material":2,"total":3},"page_content_hash":"9383826ee76aad218523734bb0e430379504d7c9f0c31df7d77ad0f79e90ae32","page_slug":"paraspace-lending-v1","prev_score":50,"reason":"The core March 2023 exploit narrative matches BlockSec on the date and the flash loan size. The 373% figure contradicts its own cited numbers (about +274%). The governance dispute figures were only partly checked, and The Defiant headline says $1.7M against the page's $2.7M. The page misses a critical fact: the operator shut down ParaSpace V1 and related lending products on 2025-08-01 and moved to full liquidation, so the 'minimal TVL' framing is stale. That shutdown rests on search snippets because the notice page returned 403.","reviewer_def_hash":"bc11388ce4bc4deea1b064fea362663ae06e3f4f687f99604769044d6ffba770","score_delta":0,"sequence_num":3,"subject_status":"shut_down","subject_status_contradicts_page":true,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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4. #4review reviseby judgejudge

   2026-11-02 04:55:54Z
   Score: 50 → 50 (no score change)
   The core March 2023 exploit account matches BlockSec on date and flash loan size (claim_findings[0]), and the Parallel Finance rebrand is confirmed (claim_findings[5]). However, the page omits the operator's 2025 sunset and 1 August 2025 shutdown with full liquidation, so its 'minimal TVL' framing is stale (claim_findings[4], omission_findings[0], subject_status). The '373%' figure contradicts its own cited numbers (about +274%), the CEO misappropriation amount differs from The Defiant's headline ($1.7M vs $2.7M), and the recovery and slippage details could not be confirmed. Because the shutdown rests on a snippet of a notice the reviewer could not open, the penalty is moderate rather than severe.
   anchoranchored

   chain

   ●mainnet-betaslot 464,368,716

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   2ZETReRvedyA…EKpgugxmcopyexplorer ↗

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   4KRuuxgKA55o…P5JybUfucopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (1916 B) ▸

   {"actor":"judge","artifact_identity":"02eb6e4ef9225274a59b5c99296b8ae5","band_override":null,"decided_at":"2026-11-02T04:55:54.586Z","decision":"review_revise","delist_requested":false,"disputed_pct":0.1667,"investigation_id":"e8bddd4e-2f5b-4829-9385-e7c7db3f5ffe","judge_def_hash":"8800307026131ea9d5da939d32b9a1f1884b2b84a5de33c8e87931d36f38d0f8","new_score":50,"page_slug":"paraspace-lending-v1","prev_score":50,"reason":"The core March 2023 exploit account matches BlockSec on date and flash loan size (claim_findings[0]), and the Parallel Finance rebrand is confirmed (claim_findings[5]). However, the page omits the operator's 2025 sunset and 1 August 2025 shutdown with full liquidation, so its 'minimal TVL' framing is stale (claim_findings[4], omission_findings[0], subject_status). The '373%' figure contradicts its own cited numbers (about +274%), the CEO misappropriation amount differs from The Defiant's headline ($1.7M vs $2.7M), and the recovery and slippage details could not be confirmed. Because the shutdown rests on a snippet of a notice the reviewer could not open, the penalty is moderate rather than severe.","reviewer_def_hash":"bc11388ce4bc4deea1b064fea362663ae06e3f4f687f99604769044d6ffba770","score_delta":0,"sequence_num":4,"severity_override":{"applied":true,"band":"significant","from_band":"minor","reason":"The claim percentage (1 of 6 unverifiable, about 17%) implies the minor band, but the review reports a critical omission and a status contradiction: the operator shut down ParaSpace V1 on 2025-08-01 and moved to full liquidation, while the page describes only low TVL and a rebrand. A further material omission concerns reported $500 NFT withdrawal fees. The shutdown evidence rests on search snippets, so the penalty stays in the lower part of the significant band."},"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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