An unknown liquidity provider sold 9 million Synapse (SYN) cross-chain bridge tokens, causing its price to plummet by 25% from $0.4 to $0.31.
At the time of writing, the coin has recovered slightly to the $0.34 levels.
A few hours after the incident, Synapse Labs released a statement on X (formerly Twitter).
“Today vendor Synapse sold its SYN tokens and removed liquidity. We are investigating unusual activity in his wallets and trying to contact them. We will inform you as soon as additional information becomes available, ”the project team wrote.
The developers added that there were no security issues with the protocol or the bridge.
According to analysts lookonchainthe whale sold SYN tokens for $2.35 million – $0.26 per coin.
According to DeFi Llama, Synapse has a total locked value of $113.4M and a market cap of $65.4M.
Recall that in August the rate of the PEPE meme-token fell by 20% due to fears in the scam. Later, the developer said that the three participants in the project reduced the number of required signatures and withdrew 16 trillion coins (~$15 million) from the wallet.
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