Syndicate Labs has fully compensated SYND holders affected by a recent security breach on the Commons Chain, providing an additional 15% of the total loss. The compensation, totaling 12,901,167.031748179832163173 SYND, was directly sent to affected Base wallet addresses, with gas fees covered by Syndicate Labs. This eliminates the need for claim portals. To mitigate long-term supply impacts, an equivalent amount of SYND was burned from the treasury.
Syndicate Labs opted not to compensate its own affected holdings, reducing the compensation demand by approximately 5.5 million SYND. This decision ensures that all affected holders and users have been fully restored, with their SYND balances now exceeding pre-incident levels. The total supply of SYND remains unchanged. The breach, caused by a private key leak, led to the theft of 18.5 million SYND tokens and $50,000 in other tokens from the Commons bridge.
Syndicate Compensates SYND Holders with 15% Bonus and Conducts Token Burn
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