The SysCoin blockchain hacked – coin rose in price on Binance
Source:
In one of the blocks of the blockchain cryptocurrency gave a billion coins, the amount of SysCoin does not exceed the 888 million coins. What is even more strange – SysCoin rose sharply by almost a few times on the stock exchange Binance. Users suspected the platform manipulation, reports .
theProblem with SysCoin
The project Team in the Twitter asked the exchange to temporarily suspend trading of the coin, while they deal with the incident. While the SysCoin don't call the possible reasons for the situation.
We are investigating a possible issue on the Syscoin blockchain, nothing is confirmed but we have asked for exchanges to halt trading while we investigate.
— Syscoin (@syscoin)
The Developer of Bitcoin Jameson Lopp argues that a group of hackers used a vulnerability cryptocurrency for the production of extra coins.
After the attack 51 not produce new tokens. So, hackers have taken advantage of some other vulnerability in blockchain. Something similar has already happened with Bitcoin in 2010, when someone created a new BTC 184 million.
Initially, cryptocommunist turned his attention to the SysCoin because of its sharp rise on the stock exchange Binance. It turns out that one coin was purchased for 96 bitcoins. The purchase led to the pampas, 24 hours SysCoin soared by almost 85 percent.
Update: things are under control, just have some more work to do before enabling trading. Should be soon. Ignore the FUD and bad news. Now is an good time to identify which news are bad quality (and remove them).
— CZ (@cz_binance)
A few hours Later in Binance announced the start of technical work. Some users began to spread rumors that supposedly the root of the problem lies in the stock exchange. Representatives Binance announced the restart of the trading API and confirmed the cause tahribat – they began because of the abrupt growth of SysCoin.
Due to suspicious activity Binance will remove all existing API keys for security purposes.
To compensate For the losses of traders Binance will give them the opportunity to trade without commissions from 5 to 14 July. So that such incidents do not recur, the head trader announced the launch of a compensation Fund Secure Asset Fund for Users (SAFU). Ten percent of profits from the commissions will be transferred to the Fund from which you can use to quickly compensate victims from fraud or hackers.
Incident Recap on Irregular Trading SYS
All funds are safe— Binance (@binance)
Meanwhile, the SysCoin team has announced that it did not find anything suspicious in the blockchain cryptocurrencies. Now it is trading at 25 cents with a market capitalization of 137 million dollars.
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