“Even VCs are rugging now”, remarked someone on Twitter as Nima Capital was observed selling 9 million $SYN (priced at ~$3.7 million before the sudden sale caused the token price to drop) and removing all stablecoin liquidity from the Synapse decentralized blockchain bridge. In April 2023, Nima had entered into a deal with Synapse to lock $40 million of liquidity in the project in exchange for the $SYN tokens, with an agreement to not sell the tokens for twelve months. However, it appears they’ve just dumped their tokens seven months early. Not only that, Nima Capital took their website offline and made their Twitter account private in typical rug-pull fashion.
Synapse posted on Twitter that they were “investigating unusual activity” on the wallets of one of their liquidity providers, and were “working to get in touch with them”.
The $SYN token plummeted almost 25% after the sell-off, later recovering somewhat.
