Selling tokens to sell luxury houses, investment agency Nima Capital suspects Rug?

Original Author: Joy, PANews

Nima Capital entered the domestic crypto community’s horizons for the first time, but unexpectedly it was in the form of a suspected Rug escape.

On September 5, the price of the cross-chain protocol Synapse plummeted. The official response stated that a Synapse liquidity provider sold its SYN tokens today and withdrew its liquidity. The community then discovered that this liquidity provider was Nima Capital, which dumped 9 million SYN tokens worth $3.1 million through Sushiswap within 1 minute, and withdrew more than $37.5 million in stablecoin liquidity from Synapse . The sell-off was swift and decisive, with no concern for slippage, and the move caused SYN's price to drop 22% in three hours.

Previously, in March this year, Synapse passed the proposal of Nima Capital. Nima Capital promised to provide $40 million in stablecoin liquidity within 12 months, but SynapseDAO needs to provide Grant and 33% bridging fees and transaction fees. In the proposal, Nima Capital claims that its liquid cryptocurrency team focuses on various DeFi projects, such as on-chain market making, instant liquidity, node operations, and mempool-dependent transactions. And it claims to have been one of the largest users of core protocols such as AAVE, Compound, Yearn, Convex and Canto.

However, Nima Capital did not abide by the agreement, and Synapse also stated that it could not get in touch with Nima Capital. As of now, Nima Capital officials and related company personnel have not responded to this matter. Even the official website has shown that it cannot be opened, the official Twitter account has been actively locked, and the Twitter account of its founder Suna Said has not been available for more than a year. Updates. These phenomena can't help but make the community speculate, did Nima Capital sell and run away?

Coincidentally, the Wall Street Journal reported in August that an apartment owned by Nima Capital was sold for about $80 million. The agency paid $65.59 million in 2020 for this apartment facing New York's Central Park. According to a report by the Wall Street Journal in February this year, Suna Said and her husband Scott Maslin had purchased a Silicon Valley compound worth approximately US$45 million from former JetBlue Airways Chairman Joel Peterson.

In fact, Nima Capital was not well-known in the crypto community before and has not actively participated in public activities in the crypto industry. LinkedIn information shows that Nima Capital was founded in 2013 and is a large single-family office headquartered in New York City. Its founder, Suna Said, claims to have been investing vertically in the crypto field since 2016, including incubators, early investments, token investments and liquidity mining. She is also an advisor to Bitwise, co-founder of music NFT company OneOf, and serves on the board of directors of the Deepak Chopra Foundation.

Suna Said, founder of Nima Capital

According to DeFiLIama data, Nima Capital's investment portfolio is more inclined to DeFi and transactions, and more than half of the projects are concentrated on this track. In addition to Synapse, disclosed investments include Flow, Fordefi, Dexguru, Bitwave, AnChain.ai, Axelar, Notional, Risk Harbor, Liquidity, 0x, TAP Network, 1Inch, Coinme, Flexa, Celo, and NuCypher.

Compared with other investment institutions, Nima Capital, as a family office, manages mainly its own funds. It is understood that Suna Said's husband, Scott Maslin, is the founder of real estate investment company Woodglen Investments and a founding partner of Alpha Blue Ventures, which focuses on acquiring, developing and managing real estate projects in New York and southeastern Florida. So it's no wonder that Nima Capital is involved in expensive real estate projects.

At present, no one knows what happened inside the low-key and mysterious Nima Capital. As the community speculates, Nima Capital's financial situation may be in trouble. There are four different possibilities: 1. Nima Capital was hacked; 2. Nima was insolvent/in legal trouble; 3. The US SEC found that the Synapse protocol violated NRV (the team’s previous project) holders; 4. .A mixture of the above situations.