SynLev price crashes by over 80% in 24 hours as developers left
The SynLev cryptocurrency has seen its price tank by more than 80% over the past 24 hours as the developers exited the project. The SynLev community now believes the project is a scam, having lost most of their investments within a few hours.
SynLev price crashes
SynLev is a decentralized financial (DeFi) platform built on the Ethereum blockchain and provides a wide range of services. According to their official website, “SynLev are Synthetic Leveraged tokens built on Ethereum. The goal of SynLev is to provide non-KYC defi synthetic leverage tokens like 3X and 10X and more BEAR or BULL ETH/USD, LINK/USD and many more decentralized oracle pairs fed from a chainlink oracle data feed.”The team describes its offers to be unique as it allows traders to avoid centralized platforms like Bitmex. Hence, eliminating problems such as points of failure or asset manipulation. However, the developers exited the scam, and the token lost more than 80% of its value.
According to data from Coinmarketcap, SynLev (SYN) was trading just above the $0.13 mark yesterday but has lost most of its value and is now trading at $0.02 on decentralized exchanges. Its total market cap is down by 82% in 24 hours and currently stands just above $2 million.
Community members lament the scam
SynLev developers seemed to have pulled an exit scam as they are nowhere to be seen during this time of crisis. The SynLev Telegram community members have been lamenting their losses for the past few hours, with some of them reporting substantial losses.According to some of the community members, the project wasn’t feasible, and the developers knew that. However, he didn’t inform the community and instead dumped the project and the tokens.
The SynLev investors and traders now have to take the hit as their tokens are now almost worthless.
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