Synthetix Twitter/X Hacked Many Wallets Phished Drained
Notice: This page is a freshly imported case study from an original repository. While the original content had a similar format, some sections may not have been fully completed. Please help fill in any empty sections or any missing information you can find. If you are new here, please read General Tutorial on Wikis or Anatomy of a Case Study for help getting started.
Notice: This page contains sources which are not attributed to any text. The unattributed sources follow the initial description. Please assist by visiting each source, reviewing the content, and placing that reference next to any text it can be used to support. Feel free to add any information that you come across which isn't present already. Sources which don't contain any relevant information can be removed. Broken links can be replaced with versions from the Internet Archive. See General Tutorial on Wikis, Anatomy of a Case Study, and/or Citing Your Sources Guide for additional information. Thanks for your help!
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.[1][2][3][4]
About Synthetix Exchange
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.
The Reality
Unfortunately, it appears that the Synthetix Twitter/X Account was not as secure as one may hope.
What Happened
Synthetix’s official Twitter/X account was compromised, leading to a phishing scam that drained user funds across multiple blockchains.
| Date | Event | Description |
|---|---|---|
| July 5th, 2025 11:06:00 AM MDT | Synthetix Exchange Posts Warning | The Synthetix Exchange team posts a warning tweet, advising users not to interact with links that are posted on their main Twitter/X account until control is regained. |
| July 5th, 2025 11:50:27 AM MDT | First Drain On Base Chain | What appears to be the first drain on the base blockchain. |
| July 5th, 2025 12:32:00 PM MDT | Tweet From Potential Victim | Michael Greenleaf appears to be posting that his funds were drained to wallet address 0x850e0e6a7e4a21860c1a994a7ddc8bb9653decd0. |
Technical Details
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.
Total Amount Lost
The total loss amount is unknown.
The total amount lost is unknown.
Immediate Reactions
Synthetix Exchange posted a warning on Twitter/X shortly after the compromise, advising users not to interact with the compromised Twitter/X account.
Ultimate Outcome
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.
Total Amount Recovered
It is unlikely that any amount will be recovered for affected users.
There do not appear to have been any funds recovered in this case.
Ongoing Developments
The Twitter/X account is continuing to be recovered.
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ 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 (Accessed Jul 7, 2025)
- ↑ Appears To Be First Attack Transaction - BaseScan (Accessed Jul 7, 2025)
- ↑ Etherscan Transaction Swapping FET Tokens - Etherscan (Accessed Jul 7, 2025)
- ↑ Synthetix Homepage (Accessed Jul 7, 2025)