Nima Capital Goes Silent After 9M SYN Token Dump, Sparks Community Outrage
In Brief
Nima Capital liquidated $9 million worth of SYN in two transactions one minute apart.
The family office previously received a SYN grant from Synapse Labs’ DAO in return for being a liquidity provider.
Nima Capital’s website has gone offline while its X (formerly Twitter account) is now private.
Nima Capital, a single-family office, is now under scrutiny after a series of transactions sparked suspicions of a rug pull within the crypto community.
On Sep 5, on-chain investigator spreekaway tweeted that 9 million SYN – the native token of Synapse Protocol – had been offloaded in two separate transactions a minute apart. Each transaction involved 4.5 million SYN tokens.
Furthermore, it was discovered that the same entity had withdrawn its liquidity from the Synapse Bridge earlier today.
Spreekaway further mentioned that he had received responses alleging that Nima Capital was responsible for these transactions.
Nima Capital had previously received a grant from the Synapse DAO in exchange for locking $40 million worth of liquidity in SYN tokens. The DAO had approved this proposal back on March 19, with an understanding that Nima Capital would provide liquidity for a duration of 12 months.
This means that the family pulled liquidity before the duration of the term was up as there was still an additional seven months to go.
Following the discussions surrounding these suspicious transactions, Synapse Labs tweeted: “A Synapse liquidity provider sold their SYN tokens and removed liquidity today. We’re investigating unusual activity on their wallets and are working to get in touch with them. Will update once there is more info.”
In the last 12 hours, the value of SYN has fallen over 12%, going from $0.41 to $0.39 at the time of writing this, according to CoinGecko.
Meanwhile, members of the Crypto Twitter community are looking into the matter.
DoveyWan, the founder of Primitive Ventures uncovered a recent Wall Street Journal article about the sale of a condominium on New York’s Billionaire’s Row for a staggering $80 million. The Wall Street Journal reported that the seller of this unit has ties to Nima Capital.
Adding to the intrigue, Nima Capital’s website has gone offline while its X (formerly Twitter) account has been set to private.
Some members of the crypto community are wondering if there exists an off-chain contract to address this situation. Unlike rug pulls carried out by anonymous actors, Nima Capital is a legally accountable entity.
However, Crypto Twitter influencer HsakaTrades was not surprised, saying, “Another sophisticated actor who took advantage of defi governance theatrics, acquired tokens from the treasury, then reneged on the agreement and nuked the tokens.”
Nima Capital was founded by Suna Said in 2013. She claims to have extensive expertise in global investment management and social impact. Additionally, she is the founder of the Suna Said Foundation, a non-profit organization.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
