On July 3, 2018, Syscoin tweeted stating that atypical blockchain task was kept in mind from their side as well as they request the exchanges to stop all $SYS deposit or withdrawal for that day.
This created a lot of complication in the area with conjectures regarding the hack. Records pointed out that one billion Syscoin was extracted from a solitary block, despite the overall supply being around 888 million. In a current blog post on Medium, Syscoin group said that they take its safety and security very seriously and that’s why the short-lived stop on deposit/withdrawal from exchanges was introduced.
The group in the blog post stated that Syscoin was not hacked, endangered or assaulted, as it was reported. As a matter of fact, the truth is “something else completely”. They launched Syscoin 3.0.6 around 10 days ago. The message discussed, “The release was a required upgrade repairing a governance superblock charge estimation insect. As soon as a superblock with purchase charges was hit, it would certainly not verify clients that had not moved onto the obligatory update.”
On July 3, a huge rise in the cost and also trading volume of Syscoin was kept in mind. Before the rate movements on Binance, their group spotted big buy wall surfaces across exchanges and also saw some abnormalities. They saw that the blocks that are being refined were not including purchases frequently. In addition, masternodes were expiring with the mining difficulty going down as a result of huge miners not extracting with their ASICs.
A Superblock was produced at around 1:00 PM PST, and they specified that it was “expected as well as prepared for weeks in advance”, triggering some miner nodes to stop. Post this, a number of large mining swimming pools established cost plans that were more than the coin’s default rate. So, the deals where the requirements were not pleased, they came to be “supported” in the mempool of the chain. Continual mining by the miners with reduced cost prices with purchases being refined in batches, making it appear “larger than normal quantities of Syscoin to be transacted in a solitary block”.
A mechanical engineer turned journalist, Raja 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 Custom Coins.