What Caused the SYN Token Price Drop on Synapse Bridge? ⛔️
On September 5, an unknown liquidity provider traced back to #Nima Capital, unexpectedly pulled 9 million #SYN tokens and all stablecoin liquidity from the Synapse Bridge.
This surprising move led to a significant 20% drop in the SYN token’s price, leaving many in the decentralized finance (DeFi) community puzzled.
While there was no reported security breach, this incident has raised questions about the rare occurrence of venture capital firms engaging in #rug pulls within the DeFi ecosystem.
