In no particular order...
Are you physically swapping that disk around with Windows systems? It seems not, but you have Paragon around.
If not, you can back up the contents, use Disk Utility.app to reformat the volume using an Apple format such as APFS or HFS+, and dispense with the need for Windows NTFS format (here).
If the volume had previously been an Apple format such as APFS or HFS+ (such as happens with Time Machine), and has unexpectedly switched to Windows NTFS, then whatever was in that volume has been lost. If you’re not swapping that disk with Windows, erase it and use the Apple APFS or HFS+ formats, and dispense with Paragon and NTFS.
If you are using NTFS and are swapping that disk with Windows and are now having issues, then upgrade Paragon.
There is no way to swap between NTFS and APFS, or between NTFS and HFS+ that does not involve erasing.
If your Mac backups have been using Time Machine with this external hard disk, Time Machine uses Apple HFS+, and a switch to NTFS will have erased the backups. Time Machine uses Apple HFS+, and does not involve Paragon nor NTFS.
It’s also quite possible that an old hard disk has simply failed, though that doesn’t also convert to NTFS. That’ll usually show as corrupt or inaccessible or failed.
How the format change happened? Unclear. Usually a user requested the volume be reformatted. Or the volume here is not actually NTFS, but failed hardware or somehow corrupt.