Binance, the world's largest cryptocurrency exchange by trading volume, has suspended trading services, hours after irregular transactions were reported with a token on its platform..
Syscoin, a distributed network based on a fork of the bitcoin protocol, said on Twitter around 21:00 UTC on Tuesday that it noticed a potential issue with its system and subsequently asked exchanges to suspend the trading of its SYS token. The project later confirmed after an investigation that it has discovered "odd trading behavior coupled with atypical blockchain activity."
Though Syscoin has not yet disclosed details from its investigation, the issue appeared to have resulted in unusual transactions on Binance's SYS order books, which accounted for over 87 percent of the token's total trading volume, data shows.
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. Yet it is unclear how many SYS tokens might have been executed at the unusual price.
In a response to CoinDesk's enquiry, Syscoin's co-founder Sebastien DiMichele said
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https://twitter.com/syscoin/status/1014255355545649152https://www.coindesk.com/binance-halts-all-trading-over-abnormal-crypto-transactions/well this will explain a lot of this news.