[ad_1]
Binance, the world's largest cryptocurrency exchange by trading volume, suspended its trading services a few hours after a token on its platform was reported with irregular transactions.
Syscoin, a distributed network based on a fork of the bitcoin protocol, declared on Twitter around 21:00 UTC Tuesday that he noticed a potential problem with his system and then asked the exchanges to suspend trading of its SYS token. The project later confirmed after an investigation that he discovered "a strange commercial behavior coupled with atypical blockchain activity."
Although Syscoin has not yet disclosed the details of its investigation, the problem seemed to have SYS transactions on Binance, which accounted for more than 87% of the total trading volume of the token, data show.
The 24-hour data from Binance indicate that at one time the price of SYS per unit against bitcoin (BTC) shot up to 96 BTC while its price had previously kept around 0.00004 BTC . However, we do not know how many SYS tokens could have been executed at the unusual price.
In response to CoinDesk's investigation, Syscoin co-founder, Sébastien DiMichele, said:
"I understand that Syscoin was sold 96 BTC per unit at some point today. A few hours after the announcement of Syscoin, Binance said in a blog post that he interrupted all of the platform's trading services as he will "undergo system maintenance", during from which "trading, withdrawals and other account functions will be suspended. "
Although Binance did not specify whether the overall shutdown is directly due to the blockchain problem reported by Syscoin, the exchange indicated in a follow-up message that the system maintenance is Due to "Due to irregular transactions on some APIs, Binance deletes all existing API keys as a precautionary security measure. All API users are asked to re-create their API keys" Binance wro te. Eventually, the price of Syscoin had jumped from about 100 percent to nearly $ 0.5, followed by a rapid decline to about $ 0.28 according to Syscoin's price data.
Image Binance via Shutterstock
Leader in the Blockchain news, CoinDesk is a media that strives to meet the strictest journalistic standards and adhere to a strict set of editorial policies. CoinDesk is an affiliate of ex Independent operation of Digital Currency Group, which invests in crypto-currencies and blockchain startups.
[ad_2]
Source link