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Blockchain China News

Binance Syscoin (SYS) exploitation Potentially Hacked for $45 Million, Announces Unplanned Maintenance

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BinanceSyscoin(SYS)exploitationPotentiallyHackedfor$Million

Hack or not hack status: Not confirmed – no information from Binance team as of yet 

Update #1: Binance announces unplanned system maintenance; rumors of Syscoin (SYS) exploitation lead to theft of 7,000 BTC.

Update #2 : Binance announces that all API keys will be reset as ‘precautionary security measure’.

Update #3:   Binance has confirmed that there was and Incident with SYS/BTC trading

 https://support.binance.com/hc/en-us/articles/360006675312

 

Full Story (developing)

Binance, the leading cryptocurrency exchanges, has announced an unplanned system maintenance, which has sparked rumors of a potential breach in security.

Changpeng Zhao, CEO of Binance, has been quoted on twitter saying that all funds are safe and has announced system Maintenance.

Is this related to the massive increase in Syscoin (SYS)

Some Twitter users believe that some hackers abused a vulnerability in Syscoin (SYS) API at Binance. This allegedly allowed them to mine SYS at there own will.

@crypto_briefing, Stated that three large Bitcoin transactions totaling 7,000 BTC (around $45M USD) got sent out of the exchange shortly before the halt in trading.

We have some screenshot of some of the orders that were executed, and it’s not looking very good for binance at this point. 13,152 SYS coins were sold at 1.1 BTC/SYS while 11 were sold for 96 BTC/SYS.

 

Binance announces an API Key Reset

 One can only conclude that these two factors are related. Binance expressed concerns over API vulnerabilities. This coincides perfectly with the Syscoin (SYS) API exploitation theory that may have triggered the unplanned ‘maintenance’.

But as always remember CZ is on the job !

Ashton Felix is currently a contributing writer for multiple crypto news sites. He got his big break when he mined his first bitcoin back in 2012. He enjoys learning about new technology and travels throughout Asia in his spare time. Ashton immediately fell in love with the culture and people of China. He is currently based out of Shenzhen and is fluent in Mandarin.

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