Syndicate Labs suffers private key leak and attack, about 18.5 million SYND transferred, promises full compensation to users
According to official reports cited by ChainCatcher, Syndicate Labs has disclosed that a private key leak led to the malicious upgrade of cross-chain bridge contracts on two blockchains. The attacker transferred and sold approximately 18.5 million SYND (around $330,000), as well as about $50,000 in user tokens. The incident only affected specific chains, while others were not impacted.
Syndicate Labs stated that this attack involved multi-stage reconnaissance, infrastructure mapping, and meticulous execution, demonstrating a high level of technical sophistication, and ruled out insider involvement. The root cause was that the private key was stored in a password management tool without additional encryption; further, the upgrade process did not use multisig or hardware signature mechanisms, nor were there any pre-warning or circuit breaker measures for contract upgrades.
Syndicate Labs announced it will fully compensate all affected users, including returning 18.5 million SYND and providing additional compensation, and will fully reimburse affected application-chain clients. The company has initiated security upgrades, such as strengthening private key encryption and tightening access permissions, and plans to introduce hardware or multisig signature mechanisms as well as monitoring of upgrade paths to prevent similar incidents in the future.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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