On July 3, 2018, Syscoin tweeted stating that atypical blockchain activity was noted from their side and they ask for the exchanges to halt all $SYS deposit or withdrawal for that day.
This triggered a lot of confusion in the area with conjectures concerning the hack. Records stated that one billion Syscoin was extracted from a solitary block, in spite of the overall supply being around 888 million. In a recent article on Tool, Syscoin group claimed that they take its protection very seriously which’s why the momentary cease on deposit/withdrawal from exchanges was introduced.
The team in the article stated that Syscoin was not hacked, compromised or attacked, as it was reported. As a matter of fact, the fact is “another thing entirely”. They launched Syscoin 3.0.6 around 10 days earlier. The blog post mentioned, “The release was an obligatory update dealing with a governance superblock cost computation pest. Once a superblock with deal charges was hit, it would not verify customers that had not relocated into the required upgrade.”
On July 3, a large surge in the cost and trading quantity of Syscoin was noted. Before the price movements on Binance, their team spotted big buy wall surfaces throughout exchanges as well as observed some abnormalities. They saw that the blocks that are being refined were not including deals routinely. In addition, masternodes were running out with the mining problem going down because of large miners not mining with their ASICs.
A Superblock was developed at around 1:00 PM PST, and they mentioned that it was “expected and also prepared for weeks ahead of time”, causing some miner nodes to halt. Post this, several big mining pools established fee plans that were greater than the coin’s default price. So, the transactions where the standards were not pleased, they became “backed up” in the mempool of the chain. Continuous mining by the miners with reduced charge prices with purchases being refined in sets, making it show up “larger than normal quantities of Syscoin to be transacted in a solitary block”.
A mechanical engineer turned journalist, Shekar takes a keen interest in the study and analysis of cryptocurrencies and blockchain strategy. With the cryptocurrency world blooming in the recent days, he finds great interest in monitoring their growth and gathering every possible piece of information about them. He works as a crypto-journalist for the website Ripplechatroom.