An unidentified Synapse (SYN) whale sold 9 million SYN, causing a crash of more than 25 percent.
The whale, which had great liquidity in SYN, sold all its SYN holdings, triggering a serious decline. The whale emptied all of its SYN (9 million) and created a liquidity problem, resulting in a 26 percent decrease. Making a statement on the issue on X, Synapse Labs confirmed the unusual activity in the wallet.
Onchain data regarding the incident was shared
Lookonchain, a blockchain analysis firm, reported that the whale sold 9 million SYN for 2.35 million in USDC at a price of $0.26. Lookonchain added that the merchant no longer holds any SYN. According to Synapse Labs’ website, the Synapse bridge currently has a Total Value Locked of $123.5 million and total volume of $42 billion.
Posting on X a few hours after the sale of the whale, Synapse Labs said, “A Synapse liquidity provider sold SYN tokens and removed liquidity today. We investigate unusual activity in their wallets and try to contact them. It will be updated when more information becomes available.” The company added that there was no security breach in the protocol or the bridge.
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