Binance resumes Crypto trading services after SYS irregular transactions


Binance resumes Crypto trading services following “odd trading behavior coupled with atypical blockchain activity” related to SYS coin trading. The data from Binance showed that at one point one SYS coin was worth 96 BTC.

4 July, AtoZ Markets – The world’s largest cryptocurrency exchange by trading volume, Binance, has halted all trading services following the spotted irregular transactions on its platform.

Binance resumes Crypto trading services after SYS irregular transactions

According to online reports, Syscoin, which is a distributed network based on a fork of the Bitcoin protocol, stated on Twitter that it has noticed a potential issue with its system. It has also urged exchanges to suspend trading of its SYS token. The project has also confirmed that is has discovered “odd trading behavior coupled with atypical blockchain activity.”

The online reports state that the issue arose from the unusual transactions on Binance’s SYS order books. That time, the order books have accounted for 87 percent of the token’s total trading volume. The data from Binance showed that at one point one SYS coin was worth 96 BTC, while its usual price has always been maintained around 0.00004 BTC. However, it is still uncertain how many SYS tokens might have been traded at this price. 

The Co-founder of Syscoin, Sebastien DiMichele, has been quoted as saying:

“My understanding is that yes, Syscoin was sold for 96 BTC per unit at one point today. We saw massive bot activity, our community let us know that they were having trouble with deposits at Binance.”

All funds are safe

Afterward, Binance has stated in a blog post that it has suspended all trading on its platform, as the system was about to undergo maintenance. Following this announcement, the exchange has published another post, where it stated that the system maintenance was due to some “irregular trading.” The Binance stated:

“Due to irregular trading on some APIs, Binance will remove all existing API keys as a precautionary security measure. All API users are requested to recreate their API keys.”

The company has later stated that all funds are safe, outlining the summary of an incident in yet another blog post. 

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