Earlier this morning, Syscoin's price started increasing abruptly. Single Syscoin was trading at 96 Bitcoin on Binance exchange. Due to this abnormal price rise, Binance halted all transactions.
Syscoin Blockchain Hacked
Both Binance & Syscoin tweeted on their official twitter handles & confirmed that Syscoin blockchain has been hacked.
As a precaution we had requested exchanges halt $SYS deposit/withdrawal today after we observed odd trading behavior coupled with atypical blockchain activity. After investigating the #Syscoin blockchain is safe. We are asking exchanges to reopen. Detailed wiki post tomorrow. pic.twitter.com/NEypr531zi— Syscoin (@syscoin) July 4, 2018
API Key Creation Now Re-enabledhttps://t.co/ntu8n3M9IE pic.twitter.com/8xWDlgpkbd— Binance (@binance) July 4, 2018
Reportedly, one billion Syscoin was mined from a single block. But the fact is that Syscoin's total potential supply is 888 million. The company is looking in to the issue & confirmed that their blockchain is hacked. They also requested all exchanges to suspend any trading of their coins or tokens till the time the issue persists.
Major crypto exchange Binance suspended all trading due to this price manipulation of Syscoin. Syscoin, which was trading at $0.453292 was being sold for 96 Bitcoin.
Series of hack attacks on altcoins put all traders into a state of insecurity. It shows how less secure these currencies are.
Major crypto exchange Binance suspended all trading due to this price manipulation of Syscoin. Syscoin, which was trading at $0.453292 was being sold for 96 Bitcoin.
Series of hack attacks on altcoins put all traders into a state of insecurity. It shows how less secure these currencies are.
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