Synthetify Says Its Users’ Funds Are Safe Despite Network Shutdown

DeFi-based platform Synthetify has come out that all of its users should not be disturbed because their funds are safe and secured despite its network shutdown.

The company made the announcement based on how it was forced to close its platform shortly after its debut on the Solana blockchain. Leading to the incident, the company stressed that the misfortune is a result of wrong data provided to them by the Pyth Network.

Expanding further, Synthetify came again with a separate announcement that they have resolved the issue. At this time, the company noted that they are going to remain shut down for the next 12 hours.

Moreover, Pyth also tweeted in line with what Synthetify said. At this point, Pyth confirmed that it had fixed the bug soon after it was identified. Adding more, Pyth indicated that the errors occurred in the underlying software library responsible for calculating time-weighted average prices.

According to a report, this represents the second time that the Pyth Network has been involved in such an issue in less than two weeks. Briefly, Synthetify is a crypto platform that enables users to mint tokens that track other asset prices. Its goal is to serve as the gateway to let users trade and mint synthetic assets within 24 hours.