Cross-chain communications network, Synapse, saw its native token, SYN, collapse more than 20% on the 24h, after Nima Capital allegedly dumped some 9 million tokens within the space of a minute. 

Synapse’s official X (Twitter) account issued a statement confirming that a liquidity provider had indeed sold their SYN tokens and that they were attempting to get in touch with said party.

Crypto researcher, @WazzCrypto, further pointed out that Nima Capital had broken their liquidity provisioning agreement several months early, and even implied that the aforementioned moves constitute a rug pull.

A post in Synapse’s governance forum from, March 2023, appears to show details of a liquidity-provisioning agreement that involves Nima Capital providing some $40 million in stablecoin liquidity for a year, and receiving 33% of bridge and swap fees.

Though the story is still unfolding, it is further reported that Nima Capital has elected to take its website down, with the URL currently showing the below upon entry.