Original author: Joy, PANews

Nima Capital entered the vision of the domestic crypto community for the first time, but it turned out to be in the form of a suspected rug pull.

On September 5th, the cross-chain protocol Synapse experienced a price crash, and the official response stated that a Synapse liquidity provider sold its SYN tokens and withdrew liquidity. The community later discovered that this liquidity provider was Nima Capital, which sold 9 million SYN tokens worth $3.1 million on Sushiswap within 1 minute and withdrew over $37.5 million worth of stablecoin liquidity from Synapse. The selling process was swift and disregarded slippage, which led to a 22% price drop for SYN within three hours.

Earlier in March this year, Synapse passed a proposal by Nima Capital, where Nima Capital promised to provide $40 million in stablecoin liquidity within 12 months, but SynapseDAO needed to provide a grant and cover 33% of the bridging and transaction fees. In the proposal, Nima Capital claimed that its liquidity cryptocurrency team focused on various DeFi projects, such as on-chain market-making, instant liquidity, node operations, and transaction dependent on the memory pool. They also claimed to have been one of the largest users of core protocols such as AAVE, Compound, Yearn, Convex, and Canto.

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

No sooner said than done. The Wall Street Journal reported in August that a set of apartments owned by Nima Capital was sold for approximately $80 million. The organization had previously purchased the apartment facing Central Park in New York for $65.59 million in 2020. According to another report in February of this year, Suna Said and her husband Scott Maslin purchased a Silicon Valley estate worth around $45 million from Joel Peterson, former Chairman of JetBlue Airways.

In fact, Nima Capital had relatively low visibility in the cryptocurrency community and had not actively participated in public activities in the crypto industry. According to LinkedIn, Nima Capital was founded in 2013 and is a large single-family office based in New York City. Its founder, Suna Said, claims to have been 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.

Founder of Nima Capital, Suna Said

According to DeFiLIama data, Nima Capital's investment portfolio is more inclined towards DeFi and trading, with over half of the projects concentrated in this field. In addition to Synapse, the publicly disclosed 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, Nima Capital, as a family office, mainly manages proprietary funds. It is understood that Scott Maslin, the husband of Suna Said, is the founder of Woodglen Investments, a real estate investment company, and also the founding partner of Alpha Blue Ventures, which focuses on acquiring, developing and managing real estate projects in New York and Southeast Florida. Therefore, it is not surprising that Nima Capital is involved in high-cost real estate projects.

Currently, no one knows what has happened inside the secretive Nima Capital. As the community speculates, Nima Capital's financial situation may be problematic. There are four different possibilities: 1. Nima Capital has been hacked; 2. Nima is in debt or facing legal troubles; 3. The US SEC has discovered infringements on NRV (a project previously founded by the team) in the Synapse protocol; 4. A combination of the above scenarios.