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 company’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, its former treasurer, who was liquidated during the weekend’s crypto market plunge, blockchain sleuth EmberCN posted on X.
EmberCN also said SynthaMan also received approximately $112,000 in donations in 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.” 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 company’s treasury contains $39.4 million, data from Token Terminal shows.
