What happened yesterday in Binance? As the exchange plans to compensate the affected users?

What happened yesterday in Binance? As the exchange plans to compensate the affected users?

Trading on the cryptocurrency exchange Binance resumed after a session of maintenance.

Recall that yesterday the exchange stopped all transactions due to abnormal activity associated with Syscoin (SYS). Anomalous transactions recorded by multiple users API triggered the security system which in turn urgently cease all operations.

Initially about the problems associated with Syscoin (SYS) became known from the official Syscoin tweet co-founder Sebastian Dimichele:

I understand that today, Syscoin was sold for 96 BTC. We recorded greater activity on the part of bots and our community told us that they had problems with deposits on Binance.

Thus the price per Syscoin reached 640 000.

Binance suspended all trades, withdrawals and deposits, and later on the official website there was a message that all users using the API, you must generate new keys.

Currently, withdrawals are suspended for the following cryptocurrencies:

  • MIota
  • Ontology
  • Bitcoin Diamond (deposition suspended)
  • Bitcoin Gold (deposition suspended)
  • ETF (deposition suspended)
  • Steem (deposition suspended)
  • Triggers

Deposits unavailable for the following coins:

  • Bytom
  • LLToken
  • HealthCare Chain
  • Centra
  • NANO

All abnormal trading operations will be cancelled and all users who suffered from this abnormal activity can compensate to trade without the Commission from 5 to 14 July. It is necessary to contact support.

All other users Binance advantage of discounted fees in the amount of 70% Binance Coin (BNB). Discount will be active from 5 to 14 July.

Binance also announced the creation of a Fund of assets protected for users (SAFU), starting July 14. The Fund will be levied 10% of all commissions for trades. These funds will be kept in a separate cold wallet and will be used to protect users and their vehicles in extreme cases.

The Syscoin team has also published another tweet, which said that the Syscoin blockchain was not hacked and the problem appears to be related to vulnerability API on Binance:

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