Jul 2025 - Synthetix Twitter/X Hacked Many Wallets Phished Drained - $Unknown (Global)
Synthetix is a decentralized derivatives liquidity protocol that enables users to trade and earn yield from synthetic assets, including perpetual futures and other derivatives, across various Ethereum-compatible (EVM) blockchains. At its core, the platform allows users to stake SNX tokens (or other supported collateral like tBTC or wstETH) to mint sUSD, a synthetic stablecoin, which can then be used to trade or provide liquidity. The protocol emphasizes safety and simplicity with features like non-custodial staking, no-liquidation risk, and passive yield earning, allowing users to earn rewards without needing to manage positions actively.
The newly relaunched Synthetix Exchange enhances the trading experience with features like multi-collateral support, one-click execution (eliminating the need for trade confirmations), and integrated bridging and swapping tools for seamless portfolio management. Traders can access over 90 markets with competitive efficiency and low slippage. The platform also incentivizes liquidity providers through fee-sharing from trader profit and loss (PnL), boosted yields via integrations with protocols like Aave, and has already distributed over $8 million in rewards in the past year.
Beyond trading and staking, Synthetix serves as a robust DeFi infrastructure layer, enabling developers to build scalable derivatives applications through its SDKs, APIs, and liquidity-as-a-service offering. Builders benefit from low deployment costs, deep liquidity, and personalized support, making it easier to launch custom derivatives platforms quickly and efficiently. With its modular, open-source design and established partnerships, Synthetix continues to lead innovation in the on-chain derivatives space.
Unfortunately, it appears that the Synthetix Twitter/X Account was not as secure as one may hope.
It appears that content was posted on the account to trick users into authorizing full wallet access.
Funds were reportedly drained to the wallet address 0x850e0e6a7e4a21860c1a994a7ddc8bb9653decd0. It appears that funds were taken across multiple blockchains including Ethereum, Blast, Base, and Binance Smart Chain.
The total loss amount is unknown.
Synthetix Exchange posted a warning on Twitter/X shortly after the compromise, advising users not to interact with the compromised Twitter/X account.
The news was reported by third parties including SlowMist.
There do not appear to be any further posts on the Twitter/X account as of yet.
It is unlikely that any amount will be recovered for affected users.
The Twitter/X account is continuing to be recovered.
Further Analysis
Synthetix, a leading decentralized derivatives protocol, recently relaunched its exchange on Ethereum Mainnet with enhanced features like multi-collateral support, one-click trading, and integrated bridging. However, a security breach on its official Twitter/X account allowed malicious content to trick users into granting full wallet access. As a result, funds were reportedly drained to a specific wallet address across several blockchains, including Ethereum, Base, Blast, and BSC. While the full extent of the losses remains unknown, Synthetix has warned users not to engage with the compromised account and is in the process of recovering control.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
ERC1967Proxy Upgrade 0x03b79c24 Function Access Control > > < < RANT Token Flawed Contract Sell Burn Liquidity Pair Logic
Sources/Further Reading
Synthetix Exchange - "The @synthetix_io main Twitter account has been hacked. Please DO NOT interact with links from this account while we work to regain control." - Twitter/X (Dec 31)
Appears To Be First Attack Transaction - BaseScan (Dec 31)
Etherscan Transaction Swapping FET Tokens - Etherscan (Dec 31)
Synthetix Homepage (Dec 31)
 t.me/QuadrigaInitiative
|
 /r/QuadrigaInitiative
|
 @QuadrigaInit
|
 info@quadrigainitiative.com
|