Synthetix Founder Donated Funds to Beleaguered Ex-Treasurer: EmberCN

CORRECTION (Aug. 7, 14:30 UTC): Corrects headline, story to say the donated funds came from a vesting contract. An earlier version of the story said the funds appeared to have come from the protocol's treasury.

  • Synthetix's former treasurer, SynthaMan, said they "had nothing left" after being liquidated as crypto markets plunged over the weekend.
  • The DAO's founder unlocked $6.5 million from an Illuvium vesting contract and sent $86,000 to the former employee, on-chain data appear to show.

On-chain data appear to show that Synthetix founder Kain unlocked $6.5 million from an Illuvium vesting contract and transferred $86,000 to SynthaMan, a former treasury council member, who was liquidated during the weekend's crypto market plunge , blockchain sleuth EmberCN posted on X .

EmberCN also said SynthaMan, who describes himself as the "ex-Synthetix treasurer" on X, also received approximately $112,000 in donations in the past two days after posting that all his SNX was lost "due to liquidation" and had "nothing left."

Hello guys.

Just wanted to share some sad news with you. I just lost all my $SNX , due to liquidation. I have been with @synthetix_io since the ICO, and I was proud not selling even 1 SNX. Since it was the only crypto that I held right now, I have nothing left.

— SynthaMan (@SNXified) August 5, 2024

"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." ILV refers to the cryptocurrency illuvium.

Etherscan shows that a wallet tagged as belonging to project-founder Kain sent the tokens to the Spartan.eth address.

"@kaiynne unstaked his ILV and sent some to me ," SynthaMan wrote on X after the earlier version of this story was published. "At no point he used 'Projects's Treasury'."

Synthentix is a decentralized finance (DeFi) protocol that provides liquidity for derivatives platforms across the DeFi market. It has $237 million in total value locked (TVL), down more than 76% from March's total of $1.02 billion, according to DefiLlama. The DAOS's treasury contains $39.4 million, data from Token Terminal shows .

UPDATE (Aug. 8, 09:17 UTC): Alters description of Synthetix to "DAO" from "company." Adds that SynthaMan was a former member of Synthetix's treasury council.