Binance Halts All Trading Over Abnormal Crypto Transactions

Binance, the world’s largest cryptocurrency exchange by trading volume, has suspended trading services, hours after irregular transactions were reported with a token on its platform..

Syscoin, a distributed network based on a fork of the bitcoin protocol, said on Twitter around 21:00 UTC on Tuesday that it noticed a potential issue with its system and subsequently asked exchanges to suspend the trading of its SYS token. The project later confirmed after an investigation that it has discovered “odd trading behavior coupled with atypical blockchain activity.”

Though Syscoin has not yet disclosed details from its investigation, the issue appeared to have resulted in unusual transactions on Binance’s SYS order books, which accounted for over 87 percent of the token’s total trading volume, data shows.

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