Syndicate suffers exploit linked to Commons bridge compromise; SYND slides 36%

Syndicate, an Ethereum infrastructure platform for building rollups and sequencers, has experienced an exploit that led to at least $330,000 in losses, according to blockchain security firm CertiK.

In a Wednesday post on X, Syndicate said that it has detected unusual movements in its native SYND tokens, likely linked to a compromise of the Commons bridge — Syndicate's official cross-chain bridge.

"We are tracing the attack and engaging with security firms," the Syndicate team said. "We are also looking at options to make people whole. Syndicate has sufficient tokens available to help users who have lost SYND."

CertiK flagged that the attacker acquired roughly 18.5 million SYND and sold them for about $330,000, which was then bridged to Ethereum.

The price of SYND fell 36% to $0.022 as of 3:20 a.m. ET on Wednesday following the incident, according to CoinGecko data.

The Block has reached out to Syndicate for further information.

This is a developing story.