Binance has suspended trading due to abnormal transaction with Syscoin

The world’s largest in trading volume of the cryptocurrency exchange Binance has suspended all operations after a few hours after the platform was reported anomalous transactions with the Syscoin cryptocurrency.

On Tuesday evening, around 21:00 UTC, representatives of the distributed network Syscoin based on a fork of the Bitcoin Protocol, announced in Twitter about the detection of potential problems in the system and asked the exchange to suspend trading tokens is SYS. After investigation, the company confirmed that they were able to fix the «odd trading behavior combined with unusual activity in the blockchain».

Despite the fact that Syscoin has not yet revealed details of the investigation, apparently, as a result of problems in the books of orders SYS exchange Binance unusual transactions.

Data exchange Binance in the last 24 hours show that at some point the price SYS soared to 96 BTC (over $600,000), whereas the usual price of a token was 0.00004 BTC (about $0.25). How many tokens SYS could be sold at this incorrect price is still unknown.

Co-founder of Syscoin Diesel sébastien (Sebastien DiMichele) commented as follows:

«So I understand that at some point today tokens Syscoin was sold at a price of 96 BTC per token. We saw a lot of activity from bots and our community spoke about the problems with deposits on Binance».

Three hours after the tweet Syscoin exchange Binance announced the suspension of all trading transactions on the platform because of the upcoming «system maintenance», during which «trade, withdrawals and other functions user account will be suspended».

Despite the fact that Binance not tied to the suspension of services issue of the Syscoin blockchain, in the following publications, the exchange has designated that the maintenance of the system is due to the detection of «abnormal transactions» in the platform.

«Because of the incorrect trade associated with certain APIs, Binance will remove all existing API keys as a precaution. All users of the APIs you need to create new API keys,» wrote Binance.

After this event, the Syscoin price has jumped nearly 100% to nearly $0.50, and then followed by an equally rapid fall back to $0.28.

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