Liquidity Provider Offloads Syn Tokens, Causing the Price to Crash

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Last Updated on September 5, 2023 by Bitfinsider

An unidentified liquidity provider sold millions of SYN, the native token of the cross-chain bridge Synapse, causing its price to plummet.

According to CoinGecko data, the price of SYN plummeted about 25% to just over $0.30 early on September 5, before recovering slightly to its current position of $0.34.

A few hours later, Synapse Labs, the key contributor to the cross-chain bridge, said on X, formerly known as Twitter, that “a Synapse liquidity provider sold their SYN tokens and removed liquidity today.” We’re looking into strange behaviour on their wallets and trying to contact them. Will update when further information becomes available.” According to the firm, there has been no security breach of the protocol or bridge.

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