Binance suspends trading after reported abnormal transactions (updated)

Verified
5 months ago
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Binance, the world’s largest exchange of digital currency by trading volume, suspended its trading services after irregular transactions with a SYS token were registered.

Syscoin, a distributed network based on the bitcoin fork, reported on Twitter about 21:00 UTC on Tuesday a potential issue with its system. Thus, they asked the exchange to temporarily suspend trade with SYS token. Later, the project confirmed after the investigation that the team found an “odd trading behavior coupled with atypical blockchain activity”.

Although Syscoin has not yet disclosed the details, the problem seems to have led to peculiar transactions in Binance’s SYS order books, which accounted for more than 87 percent of the total trading volume of this token. The 24-hour price high data from Binance indicates that at one point one SYS was worth 96 BTC while its price had previously maintained around 0.00004 BTC.

UPDATE: The technical work has been completed. Trading services, as well as other functions of the platform are available.