Share this article
Synthetix Founder Donated Funds to Beleaguered Ex-Treasurer: EmberCN
The former treasurer was liquidated during the weekend's crypto market plunge.
Updated Aug 8, 2024, 9:17 a.m. Published Aug 7, 2024, 11:54 a.m.
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 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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Crypto Firm Tether Says It Wants to Take Over Italian Football Club Juventus
The issuer behind the most popular stablecoin said that if the bid succeeds, it prepares to invest $1 billion in the football club.
What to know:
- Tether said it aims to take over popular Italian football club Juventus FC.
- The firm proposed to acquire Exor's 65.4% stake in an all-cash offer, and intends to make a public offer for the rest of the shares.
- Tether reported net profits exceeding $10 billion this year, while its flagship token USDT is the world's dominant stablecoin with a $186 billion market capitalization.
Top Stories
