Binance Suspended All Trading Services Due to Irregular Transaction

Binance reportedly suspended its trading services due to irregular transactions with a token on its platform. The report indicates that one Syscoin was purchased for 96 Bitcoin on the exchange.

On early Wednesday 04 July, Syscoin announced on Twitter that it noticed potential issues with its system and asked Binance to suspend trading of SYS token. But hours after an investigation that it has come across “odd trading behavior coupled with atypical blockchain activity”.

However, Syscoin has yet disclosed the issues from its investigation. But it is confirmed their blockchain was compromised with unusual transactions on Binance’s SYS. However, it was resulted over 87 percent of the token’s trading volume.

Moreover, Binance indicated that one Syscoin with a value of $0.453290 was being sold for $6.23 million worth of 96 BTC on the exchange. However, soon after the trade was suspended, Syscoin price was shot up to 85% in value, shows coinmarketcap.

Sabastein DiMichele, Syscoin’s co-founder said;

“My understanding is that yes, Syscoin was sold for 96 BTC per unit at one point today. We saw massive bot activity, our community let us know that they were having trouble with deposits at Binance”.

Almost after three hours, Binance released a blog post stating that it has suspended all trading services due its “undergo system maintenance”.

Meanwhile, Binance wrote,

“Due to irregular trading on some APIs, Binance will remove all existing API keys as a precautionary security measure. All API users are requested to recreate their API keys”.

Accordingly, the Syscoin price surged by 100 percent i.e., $0.50, which was again instantly turn down to just around $0.28, according to CoinMarketCap.

Altogether, is it not yet confirmed whether the Binance trade and the upsurge in price are related to the blockchain hack or not.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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