Binance, the largest exchange in volume of transactions, has been forced to perform maintenance its system after having observed suspicious transactions on its platform.
During the maintenance of the platform, transactions, withdrawals, deposits and other functions have been suspended.
It is common to see how a cryptocurrency increases its price in a higher percentage, but there are still things that can surprise us, such as the transaction that happened yesterday in Binance, where a Syscoin (SYS) was acquired for 96 BTC.
“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”, explains the Syscoin team.
The current value of SYS is 0.28 $, which is far from the almost $ 600,000 that someone paid for the cryptocurrency. Therefore, after this suspicious activity, Binance eliminated the existing API keys of all its users:
“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.”, announced Binance
Meanwhile, Syscoin asked the exchanges that have their cryptocurrency listed to suspend all withdrawals and deposits, as a precaution due to “observed odd trading behavior coupled with atypical blockchain activity.”
After verifying that the blockchain of Syscoin was safe, it proceeded to request the resumption of the activity by the Exchanges.
The Exchange kept informed of the actions carried out to their users:
“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.”
Finally, they announced the end of the platform maintenance and the resumption of the normal activity has been announced around 08:00 a.m. (UTC).
According to the latest update published on the Binance blog, the steps taken in this incident have been:
- Protection of API users.
- Rollback of irregular trades.
- For the users who were negatively affected by choosing to trade the rising SYS price, they are offered “zero-fee” trading for 9 days and are asked to open a support ticket.
- The rest of binance users will have a 70% discount on the fees between 2018/07/05 – 2018/07/14, this discount will be refunded in BNB on the 14th.
- To protect users, Binance plans to create a Secure Asset Fund for Users (SAFU).