Crypto Hacks And Rug Pulls Shook The Web3 Industry This Week
Crypto Rug Pulls And Hacks Shook The Web3 Industry One of the most recent rug pulls sent shockwaves through the DeFi landscape as the native token of the cross-chain bridge Synapse (SYN) witnessed a dramatic plummet in value on September 5. The crisis ensued after an unidentified liquidity provider on the platform offloaded nearly 9 million SYN tokens and withdrew all stablecoin liquidity from the bridge. advertisement While the official Synapse team acknowledged the liquidity rug, they were quick to clarify that no security breach had occurred. Intriguingly, the mysterious liquidity provider was traced back to Nima Capital, a long-term partner of the project, which had previously locked a staggering $40 million worth of liquidity in SYN. The extent of the issue becomes even more apparent when considering the overall losses incurred in the cryptocurrency space in 2023. According to CertiK, the losses have surpassed a staggering $997 million, encompassing a multit...