Please don’t skip this message — it only takes a minutes to read. Sorry to bother you, but time is running out.

Bitcoin is freedom. If you think independent, ‘bitcoin-only’ media is important, if you believe information and education about bitcoin matters for adoption, and if you have gained something from our work, we would be grateful if you could chip in $21. 

Join the 2% of our readers who occasionally make a donation. If everyone reading this donated just $21, we would reach our target in a couple of hours. $21 is all we ask for. To cover the cost for our servers, editors, writers, and thumbnail artists we rely on our readers’ generous support. 

How You can chip in:

  • Send sats as a tip to a writer. All of our writers have an active tipping widget.
  • Join our campaign on 
    Awesome perks are waiting for you such as the limited edition Bukele Blend Coffee from El Salvador.

Your support ensures that Bitcoin News stays independent with a laser focus on Bitcoin and only Bitcoin.


25-Cent Crypto Sold for $6M in Bitcoin on Binance, Prompting Suspension, Policy Changes

25-Cent Crypto Sold for $6M in Bitcoin on Binance, Prompting Suspension, Policy Changes

Support free writers: > send a tip

written by

A single Syscoin, worth about USD 0.25, was inadvertently sold for BTC 96 (USD 6.3 million) on Binance on 3 July 2018. This unusual trading activity prompted a temporary suspension of the entire exchange. When trading resumed, new policies were announced by Binance, including a Secure Asset Fund for Users (SAFU) that will compensate customers in the event of extreme losses of cryptocurrency in the future.

Apparently, a number of application programming interface (API) users on Binance were conducting irregular trades, suggesting the API system had been compromised. API is used to program trading bots and, in general, to interact with Binance using a server. Binance revoked all API keys and asked users to make new keys. It suggests users take good care of their API keys by not trusting the keys with third parties, and by using the IP whitelist so no other computers can use their API key.

Irregular trades were rolled back, including that accidental BTC 96 trade. Since this appears to have been a hacking situation via the API, it is probable that the Bitcoins were withdrawn and Binance had to bear the loss. Binance is one of the world’s largest cryptocurrency exchanges and can likely handle a relatively small loss like this, but it is setting up the SAFU fund to cover future losses. Now, 10% of trading fees will be set aside to fund the SAFU, and this will be stored in a cold wallet.

Additionally, Binance will be giving the API users that encountered problems zero-fee trading until 14 July 2018. All other users will be given a 70% rebate on trading fees during the same period, paid with BNB, Binance’s native cryptocurrency.

The Binance team stated: “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.”


Follow on Twitter at

Telegram Alerts from at

Image Courtesy: Pixabay

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


bitcoin shop miami

Read More Bitcoin News

Hayek And Bitcoin

Hayek and Bitcoin

Hayek passed long before Bitcoin’s inception, but in his book The Denationalisation of Money, he argued for nothing short of stripping the state of its monopoly power of money itself.

Read More »


bitcoin shop miami

Join our Newsletter

Video of the Week


Latest on Bitcoin News

Join our Newsletter