synthetix.io Reviews 4

I want to share my experience with Synthetix, which I believe has been extremely misleading and potentially harmful to users. From what I’ve seen, the project previously operated under the name SwissBorg before rebranding as Synthetix. In my opinion, this change was not just a rebrand but a way to distance themselves from their previous reputation.
I personally feel misled and scammed by their platform. There was a complete lack of transparency, and certain promises or expectations were not fulfilled. When I tried to seek support or clarification, I received vague responses or no help at all.
To anyone considering using this platform: please do your research and approach with caution. I wouldn’t want others to go through what I did.

I went for long position on BAL on 4th January 2025 and I was given liquidation price of 2.05$. On 13th January 2025 the price of the token went below to 2.2460$ and I was liquidated and my whole money was gone. Their liquidation price was false(~20% up) and it made me loose 1000$ even though I hadn't reached the actual liquidation price.
Also chrome browser on my macbook used to consume lots of data and I was not able to figure out the reason for this for many months. I had many tabs always open in chrome and one of them was " https : // exchange . synthetix . io ". So I decided to close that one tab and my issue of lots(10-15 GB per day) of internet data being used was resolved immediately. So basically it also uses your bandwith(mine was 2-3 mbps constantly for this website) a lot. It will use your bandwidth when you keep this site open for more than a hour. This website was using 7-15 GB of data daily for no reason. Similar crypto future websites never consumes this much data. Very shady practices from this website.

The launch of sETH tokens with an attempt to collect them back has led to a massive scam—very poorly thought-out actions.

Synthetix (SNX) use one of the most temperamental and strange systems in the DeFi space. Their smart contracts are some of the most expensive around and are prone to failure, in which case you will pay $75-150 for nothing. You will probably need to pay a few hundred dollars to get out of SNX staking. It cost me about $350. It is no wonder the price is going down in a bull market.