Syndicate Network Suffers Major Hack, SYND Token Plummets 37%

• •Syndicate's Commons bridge hack resulted in a loss of approximately $330,000.
• •The price of SYND token dropped over 37% following the breach.
• •Syndicate is investigating the incident and plans to compensate affected users.

The Syndicate Network's Commons bridge was hacked, leading to the theft of approximately 18.5 million SYND tokens valued at around $330,000. Blockchain security firm CertiK reported that the exploit involved unusual activity detected in the SYND token, prompting the Syndicate team to investigate the breach. Following the incident, the price of SYND dropped by over 37%, falling to $0.021. The Syndicate team confirmed they are working with security firms and exploring options to compensate affected users, stating they have sufficient reserves to cover the losses. This breach follows a recent trend of significant hacking incidents in the cryptocurrency space, including the KelpDAO attack that drained over $293 million. The team has advised users to refrain from providing liquidity until the situation is resolved. The incident has raised concerns about the security of cross-chain bridges in the Ethereum ecosystem.