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Nima Capital goes dark after dumping 9M SNY tokens, community calls it VC rug
Do you think AI crypto coins will trend in future?
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Why, why would anyone buy SNY?
tldr; The price of Synapse's (SNY) native token fell after an unknown liquidity provider, later identified as Nima Capital, dumped nearly 9 million SYN tokens and removed all stablecoin liquidity from the bridge. Nima Capital, a long-term capital partner of the project, had received a grant from Synapse in return for locking $40 million worth of liquidity in SYN. The firm pulled out eight months before the agreed governance proposal, leading to accusations of a "VC rug pull". The price of SYN fell more than 20% as a result of the token dump. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*
DeFi is a rollercoaster. Synapse (SNY) tanked thanks to an unknown liquidity provider. No security breach, but Nima Capital's massive dump is puzzling. Curious about the fallout and a reminder to research before investing in DeFi.
>following deposit runs at Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank (SNY) and the failures of SVB and SNY The whole issue here is not that these banks were doing anything wrong. They operate much the same way all US banks operate. The basis of this crisis, unlike the 2008 shit storm, is that certain analysts and certain politicians scared the people who have money in these institutions.... The market in and of itself is just coming out of a pandemic... And certain political parties love to use the economy as a scare tactic... Put it all together and people start pulling money out of banks. This is literally what caused the crash in the 1920's banks don't hold enough cash to cover everyone trying to pull money out at the same time. Does not matter what bank you belong to.
TL;DR "*We have changed to negative from stable our outlook on the US banking system to reflect the rapid deterioration in the operating environment following deposit runs at Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank (SNY) and the failures of SVB and SNY*," Moody's said in a report. Why is it important? *"The moves are important because they could impact credit ratings and thus borrowing costs for the sector."* Saved u a click!
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