How did BlockSec Save $5M Worth of Crypto Assets in Successful ParaSpace Attack Blocking

Phalcon

March 17, 2023

On 2023–03–17 05:48:59 (UTC), BlockSec successfully blocked an attack attempt on ParaSpace (a top NFT lending protocol) and protected crypto assets worth $5M.

As mentioned in the previous blog, we always believe a more proactive threat prevention solution can help to defend against the threats. We have deployed such a system internally in 2022. As of this writing, our system successfully blocked multiple attacks and saved around 14 million USD users’ assets.

See our perspective on proactive threat prevention in this article.

The feasibility and practice of our solution have been widely recognized by the community, and we have collaborated with some top-notch partners in the community. For example, we are working with Compound to develop a risk prevention system for Compound V3 smart contracts.

We always try to build blockchain security infrastructure for the Web3 community, including Phalcon Explorer (a transaction analysis tool for Web3 developers and security researchers), MetaDock (a security toolbox for Web3 users), and MetaSleuth (a fund tracing tool for Web3 users).

Phalcon Explorer

MetaDock

MetaSleuth

Learn more about BlockSec: Website | Document | Twitter | Medium | TG Group

Tether Freezes $6.76M USDT Linked to Iran's IRGC & Houthi Forces: Why On-Chain Compliance is Now a Geopolitical Battlefield

Mar 12 2026Security Insights

Tether Freezes $6.76M USDT Linked to Iran's IRGC & Houthi Forces: Why On-Chain Compliance is Now a Geopolitical Battlefield

Looking ahead, targeted freezing events like this $6.76M USDT action will only become more common. On-chain data analysis is improving. Stablecoin issuers are also working closely with regulators. As a result, hidden illicit financial networks will be exposed.

Weekly Web3 Security Incident Roundup | Mar 2 – Mar 8, 2026

Mar 11 2026Security Insights

Weekly Web3 Security Incident Roundup | Mar 2 – Mar 8, 2026

During the week of March 2 to March 8, 2026, seven blockchain security incidents were reported with total losses of ~$3.25M. The incidents occurred across Base, BNB Chain, and Ethereum, exposing critical vulnerabilities in smart contract business logic, token deflationary mechanics, and asset price manipulation. The primary causes included a double-minting logic flaw during full token deposits that allowed an attacker to exponentially inflate their balances through repeated burn-and-mint cycles, a price manipulation vulnerability in an AMM-based lending market where artificially inflated vault shares created divergent price anchors to incorrectly force healthy positions into liquidation, and a flawed access control implementation relying on trivially spoofed contract interfaces that enabled attackers to bypass authorization to batch-mint and dump arbitrary tokens.

Weekly Web3 Security Incident Roundup | Feb 23 – Mar 1, 2026

Mar 4 2026Security Insights

Weekly Web3 Security Incident Roundup | Feb 23 – Mar 1, 2026

During the week of February 23 to March 1, 2026, seven blockchain security incidents were reported with total losses of ~$13M. The incidents affected multiple protocols, exposing critical weaknesses in oracle design/configuration, cryptographic verification, and core business logic. The primary drivers included oracle manipulation/misconfiguration that led to the largest loss at YieldBloxDAO (~$10M), a crypto-proof verification flaw that enabled the FOOMCASH (~$2.26M) exploit, and additional token design and logic errors impacting Ploutos, LAXO, STO, HedgePay, and an unknown contract, underscoring the need for rigorous audits and continuous monitoring across all protocol layers.