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Syndicate Loses $380K in Assets Due to Private Key Leak, Bridge Contracts Maliciously Upgraded on May 1

GateNews
Security Incidents
According to Syndicate's official statement on May 1, a private key leak led to malicious upgrades of bridge contracts across two blockchains, resulting in the theft of approximately 18.5 million SYND tokens (worth $330K) and $50K in customer assets. The company attributed the vulnerability to private keys being stored in a password manager without multi-signature or hardware wallet protections for contract upgrades. Affected users will receive full compensation, with additional compensation provided to SYND holders. Syndicate is implementing enhanced security measures, including additional encryption layers outside the password manager and multi-signature or hardware-based approval for future upgrades.
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