The NTFS driver is definiltely out of date if you used this to format the drive before upgrading to OS X 10.8.
Just when it became out of date, I am not sure.
Paragon usually will update their driver for every new OS X version. The Paragon NTFS you had maybe for an older version of OS X.
It may have worked for awhile, but some OS X 10.8 update OR something else you may have installed rendered that driver non-functional now.
If you have anything important on that drive, you will need to purchase another hard drive, format it properly for Mac OS X and copy that data to a new hard drive so you can erase and properly reformat your existing Seagate drive for OS X.
OR purchase a large capacity USB Flash drive and save all your important data there before you properly reformat your Seagate drive to use with OS X.
Also, forget just powering the drive from just a USB or FIreWire port.
If your drive has a power block or cord plug this drive into power and let it run on its own indepemdent power instead Of drawing extra power from your iMac's power supply. .
Your iMac isn't a laptop.
Any type of critical backup drive, IMSO, should be running on its own independent power supply and not from the computer's if that option is available.
Good Luck!