Binance suspends trading, withdrawals and other account functions

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July 4, 2018 by
Binance suspends trading, withdrawals and other account functions

Binance announced very early Wednesday morning that trading, withdrawal as well as various other account features will certainly be put on hold as the system is undertaking upkeep. Once it obtains completed an additional announcement will certainly be made. Soon another Tweet informed individuals that Binance will certainly get rid of all existing API keys.

This comes as a preventive safety action since uneven trading on some APIs was kept in mind. Nevertheless, it appears that this problem has actually been fixed currently and it has been allowed.

See also: Binance announces Tron trading competition, 10 million TRX to be given away

The exchange wrote, “Binance has removed all prior existing API keys and also has now re-enabled API key creation. API users might now recreate their API keys from their individual account center. Another statement relating to the re-opening of trading will certainly be made when the upkeep is total.”

According to NewsBTC, the suspension came after a single Syscoin was bought for 96 Bitcoin on the exchange. Tweets from both Syscoin and Binance twitter feeds confirm that crypto exchange has halted all transactions.

See also: Binance lists Selfkey, opens trading for KEY/BTC and KEY/ETH pairs

Syscoin’s tweet discussed, “As a safety measure, we had asked for exchanges stop $SYS deposit/withdrawal today after we observed strange trading behavior coupled with irregular blockchain activity. After checking out the #Syscoin blockchain is secure. We are asking exchanges to reopen. Detailed wiki blog post tomorrow.” Apparently, over one billion Syscoin was extracted from a single block. Though the cryptocurrency’s total supply is set at 888 million.
The company is yet to establish just what occurred. However, it was verified their blockchain was jeopardized. For the time being, they have requested all exchanges to put on hold any type of trading of their symbols. The record mentions that the sale led to an enormous spike in Syscoin’s cost. It soared 85% in value prior to trading was stopped, according to coinmarketcap.com. Neither Binance neither Syscoin associated the breach. Nevertheless, Twitterverse is linking the two cases for them. If it becomes real, it will be among the hacks aimed at making use of budget safety vulnerabilities and altcoins.

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