Synthetix Founder Kain Appears to Have Sent Portion of Company Funds to Beleaguered Ex-Treasurer: EmberCN

The former treasurer was liquidated during the weekend's crypto market plunge.

A portion of the funds from Synthetix appear to have been sent by its founder to the beleaguered former treasurer of the project, according to blockchain sleuth EmberCN.

The former treasurer was liquidated during the weekend's crypto market plunge, and on-chain data seems to show that Kain, the founder of Synthetix, unlocked $6.5 million from the project's treasury and transferred $86,000 to SynthaMan, the former treasurer, who was liquidated during the weekend's crypto market plunge, EmberCN posted on X.

EmberCN also noted that SynthaMan received roughly $112,000 in donations over the past two days after posting that all their SNX was lost "due to liquidation" and that they had "nothing left."

"Some folks asked for donation wallet," SynthaMan wrote on X. "If you guys willing to donate or lend me some money until my ILV unlocks in September, you can send it to: Spartan.eth Otherwise I wont even ask you for that. Just need to survive 1.5 months."

A wallet marked as belonging to Kain, the founder of the project, sent the tokens to the Spartan.eth address, according to Etherscan.

A decentralized finance (DeFi) protocol called Synthetix offers liquidity for derivatives platforms operating in the DeFi market. According to DefiLlama, it has a total value locked (TVL) of $237 million, which is a decrease of more than 76% from March's total of $1.02 billion. The company's treasury contains $39.4 million, according to Token Terminal.

When CoinDesk asked for a response, Synthetix did not answer right away.

Oliver Knight, a CoinDesk reporter, covers breaking news from both London and Lisbon without personally holding any cryptocurrency.

This story was edited by Nikhilesh De.

Our strict editorial policies at CoinDesk can be found here if you're interested in learning more about them. We follow鳳凰金融披露best practices in the cryptocurrency and blockchain industries at CoinDesk. Our wartawan, editors and other contributors fully disclose whether they or their direct families hold cryptocurrency or other related assets that could present a conflict of interest at the time of each contribution. This journalistic endeavor never influences or obstructs our news coverage.

The above is the detailed content of Synthetix Founder Kain Appears to Have Sent Portion of Company Funds to Beleaguered Ex-Treasurer: EmberCN. For more information, please follow other related articles on the PHP Chinese website!