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The user sold 9 million SYN and collapsed the price of the asset by 25%

On the night of September 5, 2023, an unknown liquidity provider sold 9 million SYN tokens for $2.35 million. As a result, the price of the asset dipped by 25% to $0.31.

At the time of writing, the token has recovered some positions. It is trying to gain a foothold at $0.36, according to TradingView:

Information about the sale of tokens confirmed lookonchain analysts. According to them, the portfolio was sold at a price of $0.26, which is significantly lower than the market price. The holder received $2.35 million and no longer owns the tokens.

Synapse Labs, developer of the protocol of the same name, commented situation. According to the administration, there was no hacking or rug pull. Now the project team is trying to contact the liquidity provider and clarify the information.

Protocol TVL decreased from $141.01M to $113.24M in a day, according to DefiLlama:

TVL Synapse Protocol. Source: DefiLlama.

Source: Cryptocurrency

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