Update (5/19/2023 14:25 UTC): This article has been corrected to reflect that Thomas Schmidt and Jay Yao are (or were) consultants of ParaSpace NFT. A previous publication of this article erroneously named the two individuals as co-founders. Cointelegraph regrets this error.
The Paraspace NFT protocol saga over the whereabouts of the protocol’s fund took another turn on May 19 as the project’s consultant Jay Yao resigned from his position in the company. Last Week, the NFT protocol made headlines over the missing funds and a barrage of accusations by chief executives and CEO against each other.
The decision by Yao to leave the firm came a week after the Parapace team clashed with the CEO Yubo Ruan about the missing funds. Ruan at the time maintained that he was innocent and being framed by the likes of Yao to step down as CEO. Ruan also alleged that Yao and another Paraspace consultant Thomas Schmidt illegally obtained access to the protocol’s multisig accounts and social media platforms.
Contributors at @ParaSpace_NFT ,
I write to make you aware of a pressing matter concerning our company. Two former consultants, Thomas Schmidt, and Jay Yao, have illegally obtained control of one of the protocol’s multisig and social media accounts. They did so by contacting key…
— Yubo Ruan (@yuboruan) May 10, 2023
Yao took to Twitter to announce…
