The Binance cryptocurrency exchange platform stopped all transactions early this morning after the acquisition of a single $0.25-valued Syscoin (SYS) with 96 Bitcoin (BTC) on its marketplace.
Syscoin blockchain was attacked
Both Syscoin (SYS) and Binance have confirmed from official Twitter accounts that the Binance platform has stopped all operations due to an attack targeted on the Syscoin blockchain.
As a precaution, after observing strange trading behavior matched by atypical blockchain activity, we have requested that swaps suspend the SYS deposit/withdrawal transactions today. Investigated #Syscoin Blockchain is safe. We have notified the cryptocurrency exchange to reopen the transactions. Information about the details will be given tomorrow.
The reports show that 1 billion Syscoins (SYS) have been extracted from a single source, despite the total potential supply of coin being 888 million. The company has not yet found exactly what it is. However, the team confirmed that an attack was taking place on the blockchain. Syscoin (SYS) team also asked all the cryptocurrency exchange platforms that list SYS to stop Syscoin (SYS) operations until the problem was solved.
Binance halted the operation after 1 Syscoin (SYS) was sold for 96 Bitcoin (BTC)
The Syscoin blockchain attack caused one of the world’s largest cryptocurrency exchange platform, Binance, to halt all the tradings.
One Syscoin (SYS) current value is $0.25, at the moment of this article, while this morning, 1 SYS was selling for 96 BTC, approximately $643,000.
These bizarre sales have led to a massive pumping of Syscoin (SYS), and this caused a shock to the entire market, with an increase of 85% in SYS, according to the CoinMarketCap, until transactions were suspended.
For now, neither the Binance nor the Syscoin (SYS) attack on Syscoin blockchain is associated with the suspicious sale of money on the Binance exchange.
If it turns out that the unprecedented sale is due to an attack on Syscoin blockchain, we can see many similar cyberattacks aimed at exploiting security vulnerabilities in cryptocurrencies subcodes and wallets in the future.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.