Binance To Resume Trading, SYS Compromised

Binance Changpeng Zhao

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Sead Fadilpašić

Journalist

Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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Last updated:

June 26, 2023 06:55 EDT

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Binance, the biggest cryptocurrency exchange with fees by 24-hour trading volume, has yesterday stopped all trading services, hours after one token on its platform was reported with irregular transactions. A blog post announcing system maintenance was followed by a security update stating that there has been “irregular trading.”

Changpeng Zhao, CEO of Binance, tweeted (GMT 7:30 AM) that trading would commence soon:

Meanwhile, the Syscoin’s (SYS) blockchain has been compromised. Its blockchain explorer shows that more than one billion of its coins were mined in a single block, while its supply is 888 million – significantly less than the mined amount. The cryptocurrency’s official Twitter account confirmed the issue and asked all exchanges to halt its trading while they look into it.

Shortly after, one single SYS coin was bought for 96 BTC on Binance. It is speculated that both the Binance trading halt, the blockchain hack and SYS surge in price are closely interconnected. This has not yet been officially confirmed.