PANews reported on August 23rd that the now-defunct NFT lending platform, Parallel Finance, was charging users a $500 fee to withdraw their assets from the platform, according to Protos. Although Parallel Finance discontinued support for its NFT lending product after a six-month notice period, over $800,000 worth of "blue-chip" NFTs remained held in its contracts. Due to a lack of front-end support for NFT lending, non-technical users were unable to manually withdraw their tokens, and the Parallel team charged a $500 fee to return these assets. oSnipe founder 0xQuit highlighted this dilemma on the X platform and published a step-by-step guide on how to manually extract assets using the Etherscan block explorer. 0xQuit discovered that a large number of high-value NFTs remain locked on the platform. These include 11 BAYCs, 39 MAYCs, and 2 Doodles. Based on current floor prices, these NFTs are worth over $800,000.PANews reported on August 23rd that the now-defunct NFT lending platform, Parallel Finance, was charging users a $500 fee to withdraw their assets from the platform, according to Protos. Although Parallel Finance discontinued support for its NFT lending product after a six-month notice period, over $800,000 worth of "blue-chip" NFTs remained held in its contracts. Due to a lack of front-end support for NFT lending, non-technical users were unable to manually withdraw their tokens, and the Parallel team charged a $500 fee to return these assets. oSnipe founder 0xQuit highlighted this dilemma on the X platform and published a step-by-step guide on how to manually extract assets using the Etherscan block explorer. 0xQuit discovered that a large number of high-value NFTs remain locked on the platform. These include 11 BAYCs, 39 MAYCs, and 2 Doodles. Based on current floor prices, these NFTs are worth over $800,000.
The defunct NFT lending platform Parallel Finance charged users $500 in withdrawal fees for not withdrawing their funds in time.
1 min read
PANews reported on August 23rd that the now-defunct NFT lending platform, Parallel Finance, was charging users a $500 fee to withdraw their assets from the platform, according to Protos. Although Parallel Finance discontinued support for its NFT lending product after a six-month notice period, over $800,000 worth of "blue-chip" NFTs remained held in its contracts. Due to a lack of front-end support for NFT lending, non-technical users were unable to manually withdraw their tokens, and the Parallel team charged a $500 fee to return these assets.
oSnipe founder 0xQuit highlighted this dilemma on the X platform and published a step-by-step guide on how to manually extract assets using the Etherscan block explorer. 0xQuit discovered that a large number of high-value NFTs remain locked on the platform. These include 11 BAYCs, 39 MAYCs, and 2 Doodles. Based on current floor prices, these NFTs are worth over $800,000.
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