Binance suspended trading earlier this week, following reports from Syscoin of unusual activity…
One of the world’s biggest cryptocurrency exchanges temporarily suspended trading earlier this week, as it quickly set about investigating what was described as ‘atypical’ activity. This behaviour was spotted and reported by token creation platform Syscoin, that posted the following to its Twitter feed…
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. pic.twitter.com/NEypr531zi
— Syscoin (@syscoin) July 4, 2018
This specifically related to trades at Binance, and in a post to its support site, the exchange wrote that “irregular trades were detected from a number of API users, triggering our internal risk management system. As such, Binance made a timely decision to suspend trading, withdrawals and other account functions”.
Binance has also rolled back what it describes as “irregular trades”, and added that “to protect the safety of our API users, we have removed all existing API keys and requested all API users to recreate their API keys. We implore our users to take care of their API keys going forward”.
Trading resumed on Binance quickly after the suspension. You can read Binance’s full post on the matter here.