A user sold 9 million SYN tokens and zamped the token by 25%

An unknown liquidity provider sold 9 million tokens of crosschain bridge token Synapse (SYN), causing its price to plummet by 25%, from $0.4 to $0.31.

By the time of writing, the coin had recovered slightly to levels of $0.34.

Hours after the incident, representatives from Synapse Labs released a statement to X.

"Today, a Synapse vendor sold its SYN tokens and removed liquidity. We are investigating the unusual activity in its wallets and are attempting to contact them.

We'll let you know as soon as more information becomes available."

The developers added that there were no security issues with the protocol or the bridge.

Keith sold SYN tokens for $2.35 million - $0.26 per coin.

Synapse has a total blockchain value of $113.4 million and a market capitalization of $65.4 million.

$SYN #SYN