LOSING $7 MILLION IN 60 SECONDS ON SysCoin… Trading Bitcoin On Binance



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14 Comments

  1. Dear all
    Here is my story with binance where I have been an active trader for almost 6 month
    On 4th of June 2018 SYS coin was trading at binance for 25Cents price started increasing to 300% and 400% with an extreme high turnover , so I bought at ranges between 0.8 to 1 USD per SYS coin , then all of the sudden it went up to 650,000 USD per coin , yes the number is 650,000 USD per coin which is 96 BTC in-exchange for 1 SYS
    I couldn’t sell at high and when it reached 1.20 to 1.30 USD per SYS i also couldn’t sell for the following reasons :
    1- Binance halted all trades on syscoin at that point
    2- when SYS coin price started crashing binance went on system upgrade for few hours so again we couldn’t sell at the level of 0.9 to 1.20 USD

    Then binance resumed trading at syscoin when price reached to 0.25 Cents ! Which means i lost 80% of my portfolio ( my life savings and some loan )

    Now obviously it turned out that binance API keys for SYS coin were hacked and somebody just transferred 7000 BTC from binance ( the loot )
    Then binance announced that they will recap all trades and compensate us who were badly negatively influenced due to their halt and due to their system upgrade ! However I received an email from them saying they will provide me a rebate and a commission free trades ! When i explained to them that 80% of my portfolio got wiped out they promised to call me but they didn’t yet !
    To conclude :
    1-This incident is extremely harmful to the crypto society since binance is the biggest exchange in the world
    2- I find it insulting how binance is offering me a free trade while they can see that 80% of my portfolio got wiped off !
    3 – its really annoying how binance support team keep sending a copy paste email instead of reading our grievances
    4- Why binance’s precautionary measures halted me from selling high instead of halting the hackers from transferring 7000 BTC ( The loot ) from their exchange !

    5- how would binance act if i managed to sell at 1000 USD per SYS would they allow me to keep my profits or they would have froze my account and canceled all trades !

    At the end : dear binance management we are not asking you to compensate us for halting us for being millionaires, we are asking you to refund our hard earned savings that were wiped off due to notthing but ur precautions , halting , and unplanned system upgrade SO please cancel all those sys trades for that doomed day and refund our accounts to where it was before buying sys at 400% up !
    Binance should be held responsible! And call us back to apologize and refund our accounts

  2. Just so people understand (and to nip rumors in the bud), Syscoin was not hacked. The devs simply noticed numerous transactions involving a single bag of ~45m SYS being moved repeatedly across addresses, so they rightly chose to perform due diligence (which in crypto is sadly lacking, SYS being an exception). TXs were legit. Likely an exchange wallet (Binance?). Some people are looking at the sum of these transactions involving a single bag and saying "1 billion coins mined!" and "51% attack!" which makes no sense because SYS is merge-mined with BTC – 51% attacking SYS would require the same hashing power as that of attacking BTC. Didn't happen. Not happening. Again, Syscoin wasn't hacked. Strictly a Binance issue related to their own API. What people should notice is Syscoin's willingness and capability to perform prompt due diligence, and the security of how it is mined.

  3. Thanks for the educational video about what could happen in the market! Aren't 96 BTC worth around $624,000? Perhaps you could clarify how did you calculate it to be $7 million?

  4. would've been awesome to be watching this as it happened, unfortunately I was sleeping and binance has now been in maint for the entire day (i'm guessing because of it)

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