Incident Recap on Irregular SYS Trading

Fellow Binancians,

At 2018/07/03 20:18:00 (UTC), irregular trades were detected from a number of API users, triggering our internal risk management system. As such, Binance made a timely decision to suspend trading, withdrawals and other account functions.

We have since taken the following actions relating to this incident:

  • To protect the safety of our API users, we have removed all existing API keys and requested all API users to recreate their API keys. We implore our users to take care of their API keys going forward:
    1) If you are not a regular API user, please do not create an API key.
    2) Do not give any third-party service providers access to your personal API key.
    3) Use the IP whitelist functionality to ensure your key is only accessible to you.
  • Rollback of irregular trades.
  • For the users who were negatively affected by choosing to trade the rising SYS price, Binance will offer zero-fee trading between 2018/07/05–2018/07/14. If you traded SYS during the incident and believe you were negatively affected, please open a support ticket.
  • For all other Binance users, we will offer a 70% rebate on the trading fees paid by you between 2018/07/05–2018/07/14. The rebate will be given in the form of BNB calculated using the closing price on 2018/07/14.
  • To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet.

Since founding, Binance has always upheld our core values of spreading crypto and protecting users. Binance has achieved explosive growth in the first year. With this growth, we also experience many problems. We must reflect upon these problems, learn from them, and improve ourselves. We know in the course of making history, we will be tested again and again. We believe every test makes us stronger. And only if we fight together, can we move the industry forward. We thank all of our supporters, those who nudged us forward. We welcome your comments, suggestions and feedback. Thank you for being with us on our journey. Binance will continue to push forward.

Thank you for your support!

Binance Team

2018/07/04

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