On September 5, some crypto community members suddenly noticed two transactions selling 9 million Synapse (SYN) and is believed that it may be Nima Capital Investment Fund behind this transaction.
In March 2023, Nima Capital submitted a proposal to Synapse to provide $40 million of stablecoin liquidity to Synapse’s pools within 12 months, according to Snapshot.
Nima Capital has received a SYN grant from the DAO through the Foundation’s planned stablecoin issuance.
According to proposal, Nima Capital will receive 33% of the fees generated from bridge and swap transaction for a specified purpose and aims to align Nima Capital as a long-term capital partner with the DAO.
This seems that Nima Capital Fund has been betraying while selling SYN tokens in just 5 months, but the agreement is for 1 year.
The crypto community has raised concerns about Nima Capital selling SYN tokens and later withdrawing stablecoin liquidity from Synapse.
Nima Capital has even taken down its website and made its Twitter account private & inaccessible to the public.
Also Read: Synapse Protocol Introduces Single-Chain Solution For Cross Swaps
