Binance Moves Cryptocurrency

Binance Releases Syscoin Incident Report

The cryptocurrency exchange Binance reported on its blog that on July 3 at 11:18 pm Moscow time, a number of unusual transactions were recorded on the accounts of users using the API. As a result, the internal risk management system was activated, and the management of the exchange decided to suspend trading.

Binance Releases Syscoin Incident Report

After the problem was discovered, the following measures were taken:

Binance Releases Syscoin Incident Report
  • To ensure the safety of API users, the exchange has deactivated all API keys and asks users re-create them. “If you don’t usually use the API, please do not create an API key,” the exchange writes, adding that users should not transfer API keys to third parties;
  • Suspicious transactions canceled;
  • Users who have participated in SYS trading during unusual activity and are affected by it will be able to trade on the platform without paying commissions until July 14 Of 2018. Users who believe they have been affected by an incident should contact support;
  • The rest of the users will receive a refund of 70% of the commissions during the same period in the form of BNB tokens;
  • To protect the interests of its users in the future, Binance is launching the Secure Asset Fund for Users (SAFU). Starting July 14, the exchange will allocate 10% of the fees it collects to the fund in order to be able to protect users and their funds in case of emergency. Fund money will be kept in a separate cold wallet.

Apparently, when choosing a name for its new fund, Binance made a reference to the catching meme “Funds are safu”, which parodies the company’s CEO Changpeng Zhao, who assures users of the safety of their funds during various incidents..

The exchange does not provide details on what exactly happened on the platform during the jump of Syscoin to 96 BTC.

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