Welcome to BitCast! Just wow is all I have to say, pretty crazy that 11 syscoin’s sold for 96 bitcoins. What happened excactly , I don’t think anyone really knows. It’s been a day since it happened let’s look at the massive candle on this chart!
The Candle Of All Candles
Some News
Article via The Next Web & CryptoDisrupt
It appears that Syscoin (SYS) cryptocurrency’s blockchain has been compromised.
Syscoin’s blockchain explorer shows that more than one billion of its coins were mined in a single block. This is peculiar because the cryptocurrency’s total possible supply is 888 million — significantly less than the mined amount in the block number 87670.
Syscoin confirmed on Twitter that its blockchain has been compromised, and stated that it has asked all cryptocurrency exchanges to halt its trading for the time being. The company hasn’t been able to determine the cause of the vulnerability yet.
Bitcoin developer Jameson Lopp told Hard Fork over email that the hackers could have exploited a vulnerability in the blockchain’s protocol.
“Breaking the monetary supply rules for a cryptocurrency can’t be accomplished via a 51% attack; this indicates that a flaw has been found and exploited at the protocol level,” Lopp told Hard Fork. “It’s likely similar to the buffer overflow vulnerability that was exploited in Bitcoin in 2010 that allowed someone to create 184 billion BTC.”
But it is not just the block that is raising eyebrows about Syscoin. It saw further suspicious activity on the cryptocurrency exchange desk Binance.
One single SYS coin (valued at $0.453290 at the time of writing) — was bought for 96 BTC on Binance ($6.23 million).
The ridiculously high buy order placed on Binance has led to a skyrocketing pump in the price of Syscoin, despite the blockchain hack. As per Coinmarketcap data, Syscoin’s price has surged by nearly 85 percent over the last 24 hours.
Whether the trade on Binance and the surge in price are related to the blockchain hack is not yet established. But it would be a surprising coincidence if they are not, given how closely both these events occurred.
This is a developing story. We will update the article as and when more information is available.
Binance has suspended all trading. The most recent announcement from Binance relates to an API key reset. This falls into place with the concerns of the SYS API exploitation rumors, as the maintenance is unscheduled.
It should be noted that this is not a typical 51% attack, which is so prevalent in the cryptocurrency ecosystem. According to bitcoin developer Jameson Lobb, breaking the monetary rules for a cryptocurrency cannot be achieved in this fashion. The flaw must have been exploited at the protocol level.
A Recurring Problem
This is not the first time an attack of this nature has taken place. In 2010 bitcoin suffered from a similar issue where 92 billion BTC was hacked into existence. Like the Syscoin attack, this is far more than its hard limit of 21 million. The bug is known as an overflow error and has been described as the worst event to happen to the Bitcoin blockchain. The solution was that the blockchain was restored to an earlier point before the bug. This may be the path that Syscoin has to take, though details on the Syscoin blockchain attack are not readily available at the present time.
At the time of this writing, Binance makes no mention of any correlation between the SYS sale, its unscheduled maintenance and the issues reported by the SYS Twitter feed. What is known is that Binance has halted trading, Syscoin has reported issues and snapshots are circulating showing SYS selling for 96 BTC.
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