Syscoin explains what happened on its blockchain on Tuesday Syscoin (SYS) cryptocurrency saw a series of odd patterns on its blockchain on Tuesday. After a detailed investigation, the company has now offered an explanation of what transpired that day.

“Syscoin blockchain has not been hacked or compromised in any way,” Syscoin team said in a document sent to Hard Fork. “What took place on [July 3]  was a combination of events that made the situation more sensational than it needed to be.” The situation first escalated after some users noticed the network had processed blocks with output values larger than Syscoin’s entire token supply, raising suspicions its blockchain might’ve been compromised.

At the same time, it was discovered that 1 SYS unit is trading for 96 BTC ($634,560 at the time of writing) on cryptocurrency exchange desk Binance. Given how closely these two events occurred, there were speculations that these were correlated.

But Syscoin team now explains that this wasn’t the case. The large output value blocks came due to miners’ policy. More than a week ago, Syscoin released a mandatory update to fix a governance superblock fee calculation bug for its masternodes, miners, and software client. July 3 was the last date for the miners (and others) to upgrade to the new version.

If they didn’t, they couldn’t be mining anymore. The large miners that upgraded to the new version set higher fees above the usual rate, and the smaller miners were left picking up transactions when they won a block at a lower fee. Read more from thenextweb.com…

thumbnail courtesy of thenextweb.com