Syndicate Bridge Hack: 18.5M SYND Stolen, Price Drops 35%

A Commons bridge hack drained 18.5M SYND tokens worth $330K. Here’s what happened, who’s affected, and what Syndicate is doing next.

A security exploit struck the Syndicate protocol’s Commons bridge on the Base chain. Attackers used a privileged upgrade flaw to drain approximately 18.5 million SYND tokens. 

The stolen tokens were worth roughly $330,000 at the time of the attack. 

The thief quickly converted the tokens into ETH on Aerodrome, a Base chain decentralized exchange. Proceeds then moved to the Ethereum mainnet, complicating recovery efforts.

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How the Syndicate Commons Bridge Exploit Unfolded

Syndicate flagged unusual token movements on its official X account. The team warned users to pause any liquidity activity while the investigation began. 

Shortly after, Syndicate confirmed a direct compromise of the Commons bridge. Security monitoring firms PeckShield and CertiK both flagged the incident publicly. 

CertiK traced the attacker’s wallet on Basescan, linking it to the full drain and ETH swap.

SYND Token Price Takes a Sharp Hit After the Attack

The attack immediately pressured SYND’s market price. 

According to CoinGecko data, SYND fell 36.22% in 24 hours to $0.02174. The 24-hour trading volume reached $3,151,942, reflecting heavy sell pressure. 

Over the past week, the token traded between $0.02186 and $0.03862. 

The daily range on the day of the attack stretched from $0.01882 to $0.03427. That wide daily spread signals sharp volatility and reactive selling across the session.

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Syndicate’s Response and the Road to Recovery

Syndicate confirmed it is working with security firms to trace the attacker’s movements. 

The team also stated it holds enough token reserves to compensate affected users. Reimbursement plans are still under review. Syndicate has not yet disclosed a fixed timeline for the process.

This is a developing story. Details around the attacker’s identity, recovery options, and final user compensation are still emerging.

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