The unprecedented pump of the Syscoin token forced the Binance exchange to suspend all transactions and begin checking the security of the Syscoin blockchain. This decision was made after the abnormal rise in the price of Syscoin, worth $0.453290 or 0.00004 BTC, to $6.23 million per token. Such a transaction could not go unnoticed and the price of Syscoin instantly jumped by 85%, to $0.5 and just as quickly dropped to $0.28 after trading closed.
It is not yet known how many SYS tokens were sold at an all-time high price.
Officially, details are promised to be announced tomorrow, but it is already known that during the audit it was established that more than one billion Syscoin were mined from one block, and this exceeds the total volume of cryptocurrency emission by 888 million units.
Experts believe that this is possible by using vulnerabilities in the blockchain protocol. This may be due to a buffer overflow. A similar problem was already recorded in the Bitcoin network in 2010. An unknown person, who was never found, created 184 billion BTC.
Having discovered the anomalous data, the Syscoin team turned to Binance, where about 87 percent of the total volume of SYS is traded, with a proposal to stop trading on the site until the situation was clarified. This was immediately done, and on the official Binance page, a warning appeared that the exchange was forced to delete all existing API keys as a forced security measure. Users can recover their API keys from their account. Binance is currently conducting system maintenance.
The exchange has not yet announced the estimated time for the restoration of trading.
According to https://www.coindesk.com
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