On July 3, 2018, Syscoin tweeted discussing that irregular blockchain task was noted from their side and also they ask for the exchanges to stop all $SYS down payment or withdrawal for that day.
This triggered a lot of confusion in the neighborhood with speculations regarding the hack. Reports discussed that one billion Syscoin was extracted from a single block, in spite of the overall supply being around 888 million. In a current message on Medium, Syscoin team said that they take its safety and security very seriously and that’s why the temporary discontinue on deposit/withdrawal from exchanges was introduced.
See additionally: Binance puts on hold trading, withdrawals and also various other account features
The group in the article mentioned that Syscoin was not hacked, jeopardized or struck, as it was reported. As a matter of fact, the fact is “something else totally”. They released Syscoin 3.0.6 around 10 days back. The article stated, “The launch was a required upgrade repairing a governance superblock cost calculation insect. Once a superblock with deal costs was struck, it would not verify customers that hadn’t moved onto the compulsory upgrade.”
On July 3, a massive increase in the rate and also trading volume of Syscoin was noted. Prior to the rate activities on Binance, their team found big buy walls across exchanges and also noticed some irregularities. They saw that the blocks that are being processed were not consisting of transactions on a regular basis. Additionally, masternodes were expiring with the mining trouble going down as a result of large miners not mining with their ASICs.
See additionally: The Exponential Development of Syscoin (SYS) Smells Fishy: SYS Price Analysis
A Superblock was developed at around 1:00 PM PST, and also they specified that it was “anticipated and gotten ready for weeks ahead of time”, triggering some miner nodes to halt. Post this, several big mining swimming pools set charge plans that were more than the coin’s default rate. So, the transactions where the standards were not completely satisfied, they became “supported” in the mempool of the chain. Continual mining by the miners with lower cost prices with transactions being refined in batches, making it appear “larger than normal quantities of Syscoin to be negotiated in a solitary block”.