Another bad hack
They are all bad, but Binance is a key exchange. When people ask why don't they list my shitcoin, maybe it's because of shit like this. The coin is called SYScoin
What we know:
Somehow a billion syscoins were mined in a single block, even though total supply was 800 million?
This can't be done with a 51 percent attack
one syscoin sold on Binance for 96 BTC!
7000 BTC worth of syscoin were sold on Binance, prompting emergency shutdown
How do you both steal a bunch of coins and then also manipulate the price so fast? They should have stolen a billion shitcoins, how did they manage to so easily manipulate the price?
I found this explanation for how price was manipualted:
It appears that the hackers may have accessed the Binance API for SYS, and manipulated it in order to create the surreal buy/sell order scenario mentioned earlier. Leading to innocent SYS traders or Binance liquidity bots, switching BTC for the artificially created supply of SYS, at ridiculous prices. Hacker News user 'Snissn' offered up the following theory:
Binance lets users trade in two ways: through their web and mobile apps and through an Application Programming Interface (API) that lets developers write software to write trades. This API uses access credentials called keys that authenticate the different traders. The leading theory/rumor on what happened earlier today is that someone in an unknown way managed to hijack a significant number of API keys, or otherwise compromise the API server to impersonate a large number of users. They used this deceitful move in coordination with a primary account that they controlled. On this primary account they put a lot of SYSCoin for sale. They had the hacked API credentials buy a lot of their sell orders to generate a significant amount ~50MM of bitcoin.
Let me know what you think in the comments...
https://thenextweb.com/hardfork/2018/07/03/syscoin-cryptocurrency-blockchain-hacked/
https://www.coindesk.com/binance-halts-all-trading-over-abnormal-crypto-transactions/
