SYND suffered a sharp decline after a security breach involving the Syndicate network’s bridge. The token lost more than 37 percent of its value after attackers offloaded millions of tokens.
Blockchain security firm CertiK reported that the exploit targeted Syndicate’s Ethereum based infrastructure through a compromise of the Commons bridge. According to the firm, an address obtained roughly 18.5 million SYND tokens and sold them for about 330,000 dollars before transferring the funds to Ethereum.
Syndicate Responds and Plans Compensation
The incident had an immediate and severe impact on the token’s price. Data from CoinMarketCap showed SYND falling to around 0.021 dollars within 24 hours.
Syndicate Network, which focuses on building infrastructure for application specific blockchains with on chain sequencers, confirmed the breach on X and stated that it is investigating suspicious SYND movements.
In its latest update, the team said it is tracking the attacker and collaborating with security experts. Users have been advised to avoid adding liquidity until the issue is resolved. The project also indicated that it is considering compensation for affected users and noted that it holds enough token reserves to support those who incurred losses.
Ongoing Wave of Crypto Exploits
This incident follows a series of major security breaches across the crypto space. Less than two weeks earlier, KelpDAO experienced one of the largest exploits of 2026, with losses exceeding 293 million dollars due to a vulnerability in its cross chain bridge.
Blockchain analytics firm Chainalysis described that attack as highly sophisticated and focused on off chain infrastructure. Hackers reportedly gained control of internal systems while disrupting external nodes through distributed denial of service attacks. This allowed them to send manipulated data to a verification system, triggering the release of funds tied to a fake token burn. Because the transactions appeared legitimate on chain, typical security measures failed to detect the issue.
In another recent case, Volo Protocol disclosed a breach that resulted in losses of about 3.5 million dollars from its vaults. The attack affected three vaults holding WBTC, XAUm, and USDC. The team responded by alerting the Sui Foundation and its ecosystem partners, freezing the affected vaults, and eventually pausing all vault operations as a precaution while the investigation continues.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
