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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
North Korean Hackers Drain $285 Million from Drift in Months-Long Operation
According to security intelligence research firm analysis, North Korean-state-backed hackers drained $285 million from Drift through an extended in-person operation in 2026. The hackers account for 76% of all crypto scam and hack losses this year and have stolen $6 billion
GateNews1h ago
Grinex Crypto Exchange Drained of $13.7 Million in April 2026, Operations Suspended
According to a Global Ledger investigation published in April 2026, Grinex, a sanctioned cryptocurrency exchange operating out of Kyrgyzstan, was drained of approximately $13.7 million and immediately suspended operations. Grinex had emerged in March 2025 as an apparent successor to Garantex, a
GateNews4h ago
Syndicate Labs Private Key Leak Leads to $330K SYND Drain on May 1; Company Pledges Full Reimbursement
According to Syndicate Labs, on May 1, a private key leak resulted in malicious upgrades to the company's cross-chain bridge contracts on two blockchains. Attackers drained approximately 18.5 million SYND tokens (worth around $330,000) and about $50,000 in user tokens. The incident affected only
GateNews9h ago
North Korean Actors Extract $577M in Crypto Hacks Through April 2026, Accounting for 76% of Global Losses
According to TRM Labs, North Korean actors extracted approximately $577 million in the first four months of 2026, representing 76% of all global cryptocurrency hack losses during the period. The theft stems from two April incidents: the $292 million KelpDAO exploit and the $285 million Drift
GateNews12h ago
