Binance suspended trading after the jump …
Binance Suspends Trading After Syscoin Jumps To 96 BTC
Binance cryptocurrency exchange suspended trading on Wednesday night after one of the cryptocurrencies traded on it showed unusual activity.
The Syscoin developers wrote on Twitter that they noticed possible problems in the network and asked the exchanges to suspend trading in their cryptocurrency. Subsequently, the developers confirmed that they had recorded suspicious activity on the exchanges, later noting that the verification did not reveal any problems in the blockchain of their cryptocurrency..
Although the developers have yet to provide a report on what happened, obviously the problem was discovered on the Binance exchange, where at one point the price of Syscoin soared to 96 BTC, while in the previous segment it was around 0.00004 BTC.
“As far as I understand, at some point Syscoin was selling at 96 BTC per unit. We have recorded massive bot activity and users have reported that they are experiencing problems making deposits on Binance, ”said Syscoin co-founder Sebastian Dimishel.
Following the announcement of Syscoin, Binance suspended trading and announced the start of system work. Binance CEO Changpeng Zhao, meanwhile, assured users that their funds were not in danger, however, some community members questioned this, who drew attention to the fact that the balance of the alleged Binance wallet during these events dropped by 7,000 BTC.
Binance later announced that it was resetting all of its users’ API keys. While neither Binance nor Syscoin has provided details on the incident yet, recent exchange actions suggest that the unusual activity was likely caused by an issue in Binance’s API key system, similar to the one with Viacoin, not a vulnerability in the Syscoin blockchain, as some originally assumed.
UPD: Binance announced the completion of technical work and plans to resume trading at 11:00 Moscow time.
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