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Binance Experiences Unusual Crypto Transactions, Halts Trading

Binance ranks among the world’s most popular and biggest cryptocurrency exchanges with regards to trading volume. However, it surprised people when it suspended all its operations for trading services an hour after it received reports about irregular transactions on one of its platforms. Syscoin noticed a potential issue with the system, and as a result, it suspended all its changes in trading of SYS Token. 

However, the results of the investigation were not disclosed by Syscoin. But suspicious transactions on Binance of SYS accounted for more than 87% of the total trading value of the token. In response to this, Binance wrote: “Due to irregular trading on some APIs, Binance will remove all existing API keys as a precautionary measure. All API users are requested to recreate their API keys.” The company has thereon declined to respond or give any further comments to the request of CoinDesk.

After a few hours when Syscoin made the announcement, Binance posted in one of the blogs that all the trading on the platform will be on halt due to “System Maintenance.” During this time, all the trading, as well as withdrawals and other account functions, were suspended. Although Binance did not clearly mention the reason behind this halt but, the speculations say that this halt was a result of the issue faced by Syscoin’s blockchain. 

Later on, Binance posted a follow-up blog, stating that “irregular trading” was a result of irregular transactions and trading. Binance has asked all its customers who use API to recreate the API keys that they use. This step has been taken as a safety measure against any kind of abnormal selling or buying on API’s. After these developments, the overall cost of Syscoin augmented to a 100% with a hike of as much as $0.5. These technologies reportedly have loopholes that need to be fixed before people can again start using these cryptocurrency exchanges again.