WEB3
by BSCN
September 5, 2023
Nima Capital has reportedly dumped some 9 million SYN tokens across two transactions and in less than a minute, thereby breaking a liquidity provisioning agreement and sending the token’s price downward
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.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
Latest News
4h : 33m ago
Ondo Finance’s New Blockchain: What is Ondo Chain
5h : 3m ago
Everything You Need to Know About Analog's Official Launch
6h : 3m ago
Telegram Meets AI Agents: TheOpenLayer Partners with NPC Team
7h : 48m ago
Donald Trump-Backed World Liberty Financial Plans to Create "Strategic Reserve"
9h : 18m ago
When Will Pi Launch Open Network Mainnet?
9h : 33m ago
Cboe BZX Files for Multiple Spot XRP ETFs with SEC: What You Need to Know
February 6, 2025
Wow Earn Teams Up with Phoenix Group, Singapore Airlines, and Singapore Tourism Board to Revolutionize Cruise Tourism Through Web3 Integration
February 6, 2025
New BNB Chain Memecoin Surges After CZ Post: “Not An Endorsement”