Cryptocurrencies
‘Funds Are Safe,’ DeFi Platform Synthetify Says in Shutting Down
- Synthetic-asset exchange blames debut-day bug on Pyth feed
- Pyth Network says it has identified program error, will fix
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A new cryptocurrency platform for trading synthetic assets said it was forced to shut down shortly after its debut because of bad data provided by the Pyth Network, a price feed backed by some of the world’s most well-known trading and exchange firms.
The Synthetify platform added that “funds are safe” in a tweet announcing the halt of its decentralized exchange on Tuesday, a few hours after its launch on the Solana blockchain. It added in a later post at 3:06 p.m. New York time that the issues had been resolved and it would remain shut down for the next 12 hours.