tempus
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July 04, 2018, 06:51:50 AM |
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Binance is not the problem but the Blockchain itself apparently got compromised - from the article I linked above: Syscoin’s blockchain explorer shows that more than one billion of its coins were mined in a single block. This is peculiar because the cryptocurrency’s total possible supply is 888 million — significantly less than the mined amount in the block number 87670. (....)
Bitcoin developer Jameson Lopp told Hard Fork over email that the hackers could have exploited a vulnerability in the blockchain’s protocol.
“Breaking the monetary supply rules for a cryptocurrency can’t be accomplished via a 51% attack; this indicates that a flaw has been found and exploited at the protocol level,” Lopp told Hard Fork. “It’s likely similar to the buffer overflow vulnerability that was exploited in Bitcoin in 2010 that allowed someone to create 184 billion BTC.”Edit: Didn't see the tweet. Maybe the article is outdated As a precaution we had requested exchanges halt $SYS deposit/withdrawal today after we observed odd trading behavior coupled with atypical blockchain activity. After investigating the #Syscoin blockchain is safe. We are asking exchanges to reopen. Detailed wiki post tomorrow. https://twitter.com/syscoin/status/1014325534858338304 |
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5thangel
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July 04, 2018, 07:24:05 AM |
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That's really bad news but also more people now know about syscoin. Let see how it will resolve but still, a lot of buyers will come if they see good low prices. I don't think that this bump on a road will effect syscoin so much. |
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jambo110
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July 04, 2018, 07:27:13 AM |
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tempus
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July 04, 2018, 07:27:24 AM |
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That's really bad news but also more people now know about syscoin. Let see how it will resolve but still, a lot of buyers will come if they see good low prices. I don't think that this bump on a road will effect syscoin so much. I'm not sure what is true tbh. There are more than just this article which implies that it's not only about Binance but also about a hack of the blockchain itself. The problem on Binance is confirmed and obviously true, but it seems unclear if the blockchain really was compromised as Syscoin implies it's safe. |
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Bladerender
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July 04, 2018, 07:42:06 AM |
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On what exchange have you seen a 400%+ price rise happen "3 or 4 times" in the last 6 months? We all must have missed that.
I meant that SYS was locked out for withdrawals from Poloniex several times. And other coins. And when it happens, price always has 50-100% difference between exchanges. STEEM POLO/Binance, Withdrawals disabled, price is 25-30% difference right now, BCN POLO/Binance, was locked for withdrawals, diference x10 for the whole 1 long loooong day. I don't remember other names. But I remember SYS on POloniex, almast every time I checked SYS, it has orange warning on the top of the Poloniex web page about maintenance. |
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Nadia_l
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July 04, 2018, 08:00:40 AM |
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As a precaution we had requested exchanges halt $SYS deposit/withdrawal today after we observed odd trading behavior coupled with atypical blockchain activity. After investigating the #Syscoin blockchain is safe. We are asking exchanges to reopen. Detailed wiki post tomorrow. https://twitter.com/syscoin/status/1014325534858338304So do they explain how it could be possible to see 1,237,899,268.61514 SYS in this block when the max supply is 888.000.000 SYS... https://chainz.cryptoid.info/sys/block.dws?87670Smells smth. strange not only with binance`s API. |
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sebastien1234
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July 04, 2018, 08:02:58 AM |
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As a precaution we had requested exchanges halt $SYS deposit/withdrawal today after we observed odd trading behavior coupled with atypical blockchain activity. After investigating the #Syscoin blockchain is safe. We are asking exchanges to reopen. Detailed wiki post tomorrow. https://twitter.com/syscoin/status/1014325534858338304So do they explain how it could be possible to see 1,237,899,268.61514 SYS in this block when the max supply is 888.000.000 SYS... https://chainz.cryptoid.info/sys/block.dws?87670Smells smth. strange not only with binance`s API. That block is transfers back and forth in the same block, not mining new blocks, there were no coins generate other than the regular mining/masternode/superblock schedule. |
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bloodchow
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July 04, 2018, 08:05:06 AM |
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binance traded 1 syscoin for 96 btc has nothing to do with blockchain, journalist lack of knowledge |
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DRPD
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July 04, 2018, 08:57:33 AM |
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bitcircle
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July 04, 2018, 09:08:54 AM |
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binance traded 1 syscoin for 96 btc has nothing to do with blockchain, journalist lack of knowledge Agreed with you this article is showing this person is just beginner into blockchain space and don't know this was just fault of API which gone made. He must learn how blockchain works and centralized exchange is working totally different than this. |
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tempus
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July 04, 2018, 09:34:07 AM |
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I believe I get it now. It was no SYS-creation but sending huge amounts back and forth. So it's probably true that the blockchain itself was not compromised. |
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freelotus
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July 04, 2018, 09:53:28 AM |
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Is this a hack? Quite a serious coin with good prospects. How did this become possible? Maybe it was an attack of 51%?
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CoinEraser
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July 04, 2018, 10:15:32 AM |
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Is this a hack? Quite a serious coin with good prospects. How did this become possible? Maybe it was an attack of 51%?
No, it was not a hack. These are all misunderstood information. Please read post #3161 on top of this page. There the dev answers that it is not a hack.  That block is transfers back and forth in the same block, not mining new blocks, there were no coins generate other than the regular mining/masternode/superblock schedule.
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classicsucks
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July 04, 2018, 11:07:38 AM |
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Well it seems VERY likely that Binance users had API keys compromised - that's why Binance suspended all active API keys and halted trading for 6 hours.
Why the price of SYS went to 96 BTC is up in the air. Likely a large group of trading bots, perhaps trading with the compromised API keys (other people's money).
Block 87670 is quite odd. Somebody had access to at least 45 million SYS to create that block. Of course that is possible if they hacked Binance... Nonetheless with these types of hacks, usually the altcoin is just the intermediary currency, the hackers are looking to withdraw BTC in the end. So they pump SYS (or whatever coin) with hacked accounts, then withdraw the BTC.
Just some thoughts. We should know more soon.
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jimswers
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July 04, 2018, 11:19:51 AM
Last edit: July 04, 2018, 12:04:50 PM by jimswers |
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Nice & fast block explorer for your coin!
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Heavens90
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July 04, 2018, 11:30:04 AM |
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@syscoin community managers, I suggest you to report the twitter account @syscoin_tx, they tried to initiate a scam, that you actually retweeted - I'm guessing you are retweeting every single tweet that contains #syscoin as a hashtag or whenever somebody mentions you. Be careful with that. Yesterday I saw your retweet promoting a scam of this fraudulent account...and to be fair, it's pretty well elaborated. Please see below the screenshot  I've seen you removed now the tweet, but still, you need to be extremely careful with that.  |
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youyou_
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July 04, 2018, 11:57:41 AM |
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There's a lot going on in syscoin today, so you should think about it rationally, give syscoin a little time, it's still going up a lot today, isn't it?
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