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Binance Exchange Resumes Operations Following Hack

Since Binance was alerted to a number of unusual trades on its platform regarding Syscoins on Tuesday, the company announced that all operations involving trading, withdrawing and any transactions within the exchange would be suspended until the matter was properly investigated. Operations have since been resumed.


 

Syscoin asked all exchanges to stop trading with the currency while its developers looked into a  problem concerning its framework, announcing the investigation on Twitter. Apart from unusual trades and certain suspicious activity on the framework, the development team deemed Syscoin safe and began contacting several exchanges to let them know that Syscoin trading could resume.

 

Alerts were raised after traders using Syscoin on the blockchain boosted the currency to become the most traded currency on its platform, totally for almost 90 percent of its total trade volume.

Response

 

Binance eliminated any application programming interface keys and urged users to make new ones while strongly suggesting that any non-API users avoid creating new keys until the matter was fully resolved.

 

The company also reverted all of the unusual trades discovered and offered any users affected by the issue free trading from the fourth to the fifteenth of July. Additionally, all Binance framework users will receive a 70 perfect refund on any false trading that occurred, which will be paid in the company’s own currency, Binance Coins.

 

Binance also announced taking more defensive measures to protect and ensure the safety of all users and transactions on its platform by creating what is known as a secure asset fund. A percentage of all fees acquired from trades on the network will be placed in the fund should another serious issue rise.



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