Binance Halts Trading After SYS Coin Trades At 96 BTC

Updated On Jul 4, 2018 by Cameron Bishop

Today morning, Binance suspended all transactions, after a single Syscoin was traded for 96 Bitcoins on the exchange. SYS coin trades at $0.27 in other exchanges.

Twitter update from Syscoin (SYS) indicates that the blockchain has suffered an attack.

If reports are to be believed then it seems one billion Syscoin was mined from a single block. Ironically, the total potential supply of Syscoin is only 888 million. Syscoin is yet to determine the reason for the issue, but has confirmed that the security of their blockchain network was compromised. Syscoin has requested all exchanges to suspend trading of their tokens for the time being.

The total monetary supply of a cryptocurrency cannot be broken through a 51% attack. The hacker might have exploited a major coding error. In 2010, the buffer overflow vulnerability in Bitcoin network was exploited to create 184 billion BTC.

A Twiterati has explained how the hacking could have been done

Apart from suspending deposits and withdrawals, Binance has reset API Keys, which are used for automated trading. After making sure everything was under control, Binance posted a message asking users to reset their API keys.

However, trading on Binance exchange is yet to be allowed. Binance team has announced that they will allow trading after maintenance is complete.

Cameron works tirelessly behind the scenes ensuring his many US news stories are factual, informative and brought to you in a timely fashion before most other media outlets have them. He is an investigative journalist at heart who also has a fond interest in the money and business markets too.

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