Speculations have arisen over Binance being hacked, following a weird activity with Syscoin on Binance, where it's being sold for 96 Bitcoins.
Speculations have arisen over Binance, after the platform suspended all its activities following an earlier transaction on Syscoin where it was purchased for 96 Bitcoins, as reported earlier.
The initial responses over the unusual transaction were speculations on whether Syscoin was hacked. Especially, after the coin tweeted an official statement requesting all exchanges to halt trading while they were investigating the issues.
Soon after the incident, it was known that Binance suspended all activities on their platform, with no official statements on both Binance or Binance's CEO Twitter account for a while.
Note for any users of ours that are unaware -- it seems that #Binance (BINA) has suspended trading on all markets.— Coinigy (@Coinigy) July 4, 2018
This inevitably has led to other speculations about what was really going on.
#Syscoin Binance hack in steps:— Ʀu฿en (@Ruben_Rotterdam) July 3, 2018
1. Mine alot of $SYS
2. Send $SYS to Binance
3. Set very high sells vs. $BTC
4. Hack Binance API
5. Use $BTC of Binance users that use API to buy $SYS
6. Take over $SYS mining power to prevent rollback of chain
7. Hope to get $BTC out of Binance
After a moment of silence from the platform, finally, an official tweet was posted on Binance account.
Followed by a statement from the CEO that they're currently working on maintenance on their system.
Working on it https://t.co/HzmslUuIni— CZ (@cz_binance) July 4, 2018
Until further findings are announced, these tweets might calm the uneasiness of the platform's users, although not necessarily will hush the speculations over what actually happened.