Nima Capital, a venture capital firm and longstanding capital partner of Synapse, recently dumped 9 million SYN tokens, causing the price of the native token to crash by over 22%. The project confirmed that there was no security breach of the protocol or bridge. Data from Etherscan showed that the unidentified whale responsible for selling off the SYN tokens had received 10 million SYN, equivalent to $3.4 million, from the “Synapse: Executor 2” wallet on April 5th. Currently, there are no SYN tokens remaining in that wallet. Nima Capital’s site went offline, and its Twitter profile was switched to protected, which prompted fears that the VC firm rug-pulled its users by removing all the liquidity just eight months before the agreed governance proposal. Synapse tweeted an update to the community, saying they are investigating the unusual activity on the wallets and are working to get in touch with them. Rug pulls continue to wreak havoc in the DeFi ecosystem, with Web3 platforms having lost more than $1.2 billion so far this year in hacks and rug pulls across 211 specific incidents. In August alone, several projects lost over $23 million in funds.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	10
People	Nima Capital, Synapse: Executor 2
Companies	Nima Capital, PrimeXBT, Binance, Synapse, Immunefi
Currencies	US Dollar, UXD Stablecoin, Synapse, Ethereum, Bitcoin
Securities	None