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.
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Synthetix's former treasurer, SynthaMan, said they "had nothing left" after being liquidated as crypto markets plunged over the weekend.
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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.
— SynthaMan (@SNXified) August 5, 2024
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.
"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.
