Syscoin price is something the crypto-world’s eyes are glued to, despite the market mostly seeming red this coin is on the different road, but what made the price spike up, how is it possible?
Syscoin price: Is this what I should’ve bought?
The price of the coin suddenly spiked on Binance which seemed like a hack on the exchange but is also being confused with an honest price mistake where mistakenly someone pumped the value of the coin by paying $750,000 for a single token of Syscoin, at one point the coin added almost 48% in positive movement.
Some of the Reddit users noticed that during the pump in the Syscoin Price, the blockchain seemed to be under attack, where one miner was able to discover all the blocks and was not including any transactions in it, mining empty block for claiming rewards is considered as an attack on the network.
After the rogue trade, any further trade of the Syscoin is suspended in order to verify what has happened with the coin and its network, Syscoin has also requested all the exchanges to halt the trading of the coin until and unless the reason for the sudden spike is confirmed.
Binance where the coin had good trading volumes also stopped the transaction of the Syscoin, furthermore added:
Due to irregular trading on some APIs, Binance will remove all existing API keys as a precautionary security measure. All API users are requested to recreate their API keys
Still, the matter does not seems to resolve so the exchanges and the developers are searching for the reason behind this, from the time when the issue was addressed, Syscoin’s trading has been halted and the graph for now is flat, if there is no issue critical to the network, the prices may still stay in the favour of the coin.
Image Source for the featured image: coincentral.com
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