Hacking incidents in the cryptocurrency market seem never-ending. The latest news comes from Ethereum (ETH).
Blockchain security firm CertiK reported that Syndicate’s Commons bridge has been compromised.
According to CertiK, Syndicate, an Ethereum infrastructure platform used to create rollups and sequencers, suffered a security vulnerability resulting in losses of at least $330,000.
The Syndicate team, in a post on the X platform, stated that they detected unusual activity in native SYND tokens and that this is most likely related to a security breach of the Commons bridge, Syndicate’s official cross-chain bridge.
The team stated that they are investigating a breach of the Commons bridge and are in contact with security firms.
The team also added that they would compensate for the damages.
“…We are also looking at options to compensate people.”
Syndicate has enough tokens to compensate for the lost SYND tokens.
CertiK also added that they determined the attacker obtained approximately 18.5 million SYND and sold it for around $330,000, after which the money was transferred to Ethereum.
Following the news, the price of SYND experienced a significant drop, and Coinone, one of South Korea’s largest cryptocurrency exchanges, announced that it has added Syndicate (SYND) to its delisting watchlist.
*This is not investment advice.