Despite withdrawing support for NFT lending products after a six-month notice period, the $800,000-plus “blue chip” NFTs are still held in parallel finance agreements.
With no front-end support for NFT lending, non-technical users are unable to manually withdraw tokens, and parallel teams reportedly charge $500 to return assets.
Yuga Labs’ 0xquit highlighted the plight of X and posted a step-by-step guide on how to manually withdraw assets using Etherscan Block Explorer.
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Users were warned that support would be withdrawn in sufficient time. The Parallel Finance website contains a banner that links to “Important Product Closure Notice.”
The notice, published on January 31st, notifies users that a variety of services, including NFT lending, will be closed on August 1st.
However, some users do not seem to pay attention to the warnings. This is no surprise given the drop-offs in the NFT sector since the spring peak of 2022.
Even the recent Pudgy Penguins Promo Push It looks forgotten within 24 hours.
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0xquit has identified many NFTs from high value collections that are still locked on the platform. These included 11 boring Ape Yacht Clubs, 39 Mutant Ape Yacht Clubs, and two graffiti.
According to current floor price data for the listed collections, NFTs are worth more than $800,000, but tokens with certain characteristics may be more valuable.
The screenshot appears to show a telegram conversation with parallel CEO Yubo Ruan, who is notified to the user.
Even without a user interface, users can withdraw tokens by interacting directly with the contract. Manual withdrawals require tracking user-specific proxy agreement addresses and other information and encoding withdrawal transactions for each NFT collection.
0xquit means “The recovery procedure is not intuitive, but can be done with some effort. “They said, “If you run into problems, drop a reply below. We’ll be happy to help you (free of charge).”
Protos reached out to parallel CEO Yubo Ruan for comment. This article will be updated if you receive a reply.