TechFlow reported that Synthetix founder kain.eth stated on social media that SNX stakers lost approximately $2 million due to today's TRB price anomaly.
kain.eth explained that TRB previously had an open interest cap of $250,000 on Synthetix. However, as its price rose over the past few months, this cap expanded to $12.5 million. It should have been reduced, but risk controls were insufficient. With TRB’s price surge today, several short positions were opened. Due to a misalignment between spot and futures prices, arbitrage mechanisms failed to rebalance, making this an important lesson for Synthetix.
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