As of Wednesday, July 15, SYN was trading near $0.26, putting the estimated value of its holdings at roughly $1.6 million. That leaves the position about 27% underwater, assuming Hayes still controls all the tokens.

Hayes backed SYN to gain exposure to Hypercall, an options exchange developed by the Synapse team for the Hyperliquid ecosystem. His precise return may differ because the transaction occurred over the counter, and his subsequent wallet activity remains unclear.

SYN’s collapse has renewed scrutiny of Hayes’ history of promoting tokens before exiting them.

Earlier this year, Hayes faced scrutiny for exiting tokens soon after promoting them. In June, he sold his…