In the world of cryptocurrencies a young technological industry, you are bound to witness anomalies either in the blockchain system, the team, cryptocurrency wallets and at rare moments the market is manipulated. However, never have I heard the price being as overly exaggerated as Syscoin (SYS) price this Tuesday on Binance. This comes some days after the Syscoin blockchain developers GitHub accounts were compromised raising questions from community members.
One SYS sold at 96 Bitcoins?
This Tuesday one trade in the Syscoin marketplace saw a buyer purchase a single SYS for 96 BTC (approximately $700,000 USD). This high price caused the market to execute most sell orders on the SYS/BTC pair. The problem is said to have originated from the main blockchain.
This huge buy caused the price of SYS to skyrocket above 85% in the short period causing a frenzy in the SYS trades. Syscoin (SYS) were quick to respond to the matter taking up the blame and asking all the exchanges to cease trading the coin till issues pertaining to the blockchain.
The issue is now solved from their end and they released an announcement on their Twitter page assuring exchanges and holders of normal resuming of services.
“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.
Binance resumes trading on Syscoin and API keys creation
The largest cryptocurrency exchange, Binance announced some hours ago of the removal of all API keys after the irregularities witnessed in the SYS/BTC pair. The users were asked to recreate the keys as Binance worked on the issue. An hour later, the exchange re-enabled the API key creation after Syscoin development team fixed issues on the blockchain.
“Binance has removed all prior existing API keys and has now re-enabled API key creation. API users may now recreate their API keys from their user account center. Another announcement regarding the re-opening of trading will be made once the maintenance is complete. Please stay tuned for further information. We apologize for any inconvenience caused, and thank you for your patience. Thanks for your support!”
– Binance Team
The current price of Syscoin (SYS) stands at $0.254888 USD, representing a 20% increase in the last 24 hours. The daily trading volumes have surpassed the $200 million USD mark since the incident as $279,460,000 USD worth of SYS have been traded. SYS is currently placed 72nd on Coinmarketcap listings with a total market capitalization of $136,701,347 USD.