Earlier today, the cross-chain protocol Synapse reported that a liquidity provider had withdrawn liquidity and sold $SYN tokens, resulting in a significant crash in the price of $SYN tokens.
Several cryptocurrency analysts on Twitter pointed out that the wallet address responsible for selling $SYN tokens was allegedly linked to Nima Capital. According to The Data Nerd (@OnchainDataNerd), Nima Capital had received 9 million $SYN tokens from SynapseProtocol on April 5th at a price of $0.9 per token but sold them today at prices as low as $0.26 per token.
Another well-known cryptocurrency analyst, @crypto_condom, commented that Nima Capital had entered into a year-long agreement to provide liquidity, and there are still 7 months left until the agreement expires. Therefore, Nima Capital may be in breach of the contract.
Interestingly, both the Twitter account and website of Nima Capital have been set to private and are currently inaccessible.
Stay updated with the most important cryptocurrency news and valuable insights, conveniently delivered to your email every day. Subscribe to the TokenInsight mailing list now!
Prefer social media? Follow us on Twitter, or subscribe to our Telegram channel!
If you have news reports or announcements that you want to reach a wider audience, feel free to email us at news@tokeninsight.com
