Binance suspends trading, withdrawals and other account functions
Binance announced early Wednesday morning that trading, withdrawal and other account functions will be suspended as the system is undergoing maintenance. Once it gets completed another announcement will be made. Soon another Tweet informed the people that Binance will remove all existing API keys.
This comes as a precautionary security measure since irregular trading on some APIs was noted. However, it appears that this problem has been solved already and it has been enabled.
The exchange wrote, “Binance has removed all prior existing API keys and has now re-enabled API key creation. API users may now recreate their API keys from their user account center. Another announcement regarding the re-opening of trading will be made once the maintenance is complete.”
Syscoin blockchain compromise linked to Binance trading suspension
According to NewsBTC, the suspension came after a single Syscoin was purchased for 96 Bitcoin on the exchange. Tweets from both Syscoin and Binance twitter feeds confirm that crypto exchange has halted all transactions.
Syscoin’s tweet mentioned, “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.” Reportedly, over one billion Syscoin was mined from a single block. Though the cryptocurrency’s total supply is set at 888 million.
— Binance (@binance) July 4, 2018
The company is yet to determine what happened. However, it was confirmed their blockchain was compromised. For the time being, they have requested all exchanges to suspend any trading of their tokens. The report mentions that the sale resulted in a massive spike in Syscoin’s price. It shot up 85% in value before trading was halted, according to coinmarketcap.com. Neither Binance nor Syscoin correlated the breach. However, Twitterverse is connecting the two incidents for them. If it turns out to be true, it will be one of the hacks aimed at exploiting wallet security vulnerabilities and altcoins.
Image via Shutterstock
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