Author: Joy, PANews

NimaCapital has entered the vision of the domestic crypto community for the first time, but unexpectedly in the form of what appears to be a rug pull.

On September 5th, the cross-chain protocol Synapse experienced a sharp price drop. The official response stated that a Synapse liquidity provider sold its SYN tokens today and withdrew liquidity. It was later discovered by the community that this liquidity provider was NimaCapital, which swiftly sold 9 million SYN tokens worth $3.1 million through Sushiswap in one minute and withdrew over $37.5 million in stablecoin liquidity from Synapse. The rapid and decisive selling process with no regard for slippage caused the SYN price to drop by 22% in three hours.

Earlier in March this year, Synapse had passed a proposal from Nima Capital, where Nima Capital committed to providing $40 million in stablecoin liquidity within 12 months. However, SynapseDAO needed to provide a grant and 33% of the bridging and trading fees. In the proposal, NimaCapital claimed that its cryptocurrency liquidity team focused on various DeFi projects, such as on-chain market making, timely liquidity, node operations, and trading relying on the memory pool. It also claimed to have been one of the largest users of core protocols such as AAVE, Compound, Yearn, Convex, and Canto.

However, NimaCapital did not fulfill the agreement, and Synapse also stated that they were unable to contact NimaCapital. As of now, the official NimaCapital and related company personnel have not responded to this matter. Even the official website has been inaccessible, the official Twitter account has been voluntarily locked, and its founder Suna Said's Twitter account has not been updated for over a year. These phenomena have led the community to speculate: Did NimaCapital sell off and run away?

Coincidentally, in August, The Wall Street Journal reported that a set of apartments under Nima Capital was sold for approximately $80 million. The organization had previously spent $65.59 million in 2020 to purchase this apartment facing Central Park in New York. Additionally, according to The Wall Street Journal's report in February this year, Suna Said and her husband Scott Maslin had purchased a Silicon Valley estate worth about $45 million from Joel Peterson, the former chairman of JetBlue Airways.

In fact, NimaCapital's visibility in the crypto community was not high before, and it did not actively participate in public activities in the crypto industry. According to LinkedIn information, NimaCapital was established in 2013 and is a large single-family office headquartered in New York City. Its founder, Suna Said, claimed to have started investing vertically in the crypto field since 2016, including incubators, early-stage investments, token investments, and liquidity mining. She is also an advisor to Bitwise, co-founder of music NFT company OneOf, and a board member of the Deepak Chopra Foundation.

According to DeFiLIama data, NimaCapital's investment portfolio is more inclined towards DeFi and trading, with over half of the projects concentrated in this area. In addition to Synapse, public investments also include Flow, Fordefi, Dexguru, Bitwave, AnChain.ai, Axelar, Notional, Risk Harbor, Liquity, 0x, TAP Network, 1Inch, Coinme, Flexa, Celo, and NuCypher.

Compared to other investment institutions, NimaCapital mainly manages its own funds as a family office. It is understood that Suna Said's husband, Scott Maslin, is the founder of the real estate investment company Woodglen Investments and is also a founding partner of Alpha Blue Ventures, which focuses on acquiring, developing, and managing real estate projects in New York and the southeastern part of Florida. Therefore, it is not surprising that NimaCapital is involved in high-value real estate projects.

Currently, no one knows what has happened internally at the low-key and mysterious NimaCapital. 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 is insolvent/facing legal troubles; 3. The US SEC found that the Synapse protocol infringed on NRV (a project previously founded by the team) holders; 4. A combination of the above situations.

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