https://i.gyazo.com/25f20ed176d5fea6271cc58b5a93a5ca.png
[Source](https://cointelegraph.com/news/binance-resumes-suspended-services-after-irregular-sys-trading-risk-alert)

# Video
https://youtu.be/M5hQRUdA3i8

# Transcript

everybody if you haven't heard by now
finance and sis coin I had some issues
last you know twelve or so hours I woke
up and tried to withdraw some steam and
said withdrawals were suspended I said
well that's annoying but you saw on my
other post just now I opened three
hundred and thirty steam monster packs
and to do that you need to buy how much
packs so you know I had to get a loan
from a friend of mine and I had to make
that work but so here at coin Telegraph
Murray we we don't know we they has a
little article here is short so I'll
just always read to you the finances now
resume services that very announced the
suspension of all treating or
withdrawals Wednesday July third the
temporary suspension was due to an alert
over irregular Cisco integrates from a
number of users finance subsequently
chose to suspend trading withdrawals and
other account functions as well as to
take a series of further measures in
order to protect its users says coin for
its part notified the public in a tweet
yesterday that its developers were
investigating a possible issue all this
is going blockchain saying that it
itself asked for exchanges to halt
trading while while its team
investigated it later tweeted that
notwithstanding all trading behavior in
a typical blockchain activity its
investigation that's this blockchain was
safe and said it was asking exchanges to
reopen says trading well exact detail
remain undisclosed the incident appears
to have seen Cisco and trades on -
rocket - over for over 80% of the tokens
total trade volumes becoming the top
traded corn islands by nest platform
finance creating data indicates that at
one point says prices on the platform
hit a staggering 96 Bitcoin or around
640 thousand dollars
here's a chart you can see that they
went from nothing to 96 0.0038 500 up to
ninety six point oh five which is a
crazy jump in response to the alert
finance acted to remove all existing API
keys and has requested all users to
recreate their API key stressing the
customers who are not regular API users
should not create an API key for the
time being
exchange also says that it is rolled
back all in theory
all the irregular trades and offers
anyone was negatively affected by
trading during the rising assist prices
a zero free trading June through July
5th through July 14th all other Finance
users will be given a 70% rebate on
trading fees throughout the same period
paid out and the platform's native token
finance court lastly the incident has
prompted finance to create a secure as a
fund for users which as of July 14th
while I get 10% of all trading fees
received into the fund to offer
protection to users and their funds in
extreme cases finance says I don't use
segregated cold storage for all say who
funds according to Coyne micro cam
finances curling the largest crypto
exchange in the world with around 1.5
billion dollars and trade volume in 24
hours to Preston that's it so a couple
things to take note of let's go back so
clearly something was under attack or
people trying to be hacked or whatever
through the API system loves this coin I
don't know anything about this coins
first I'm hearing that you know I don't
pay too much attention to these very
small coins so clearly they have some
issues to work out what's really
interesting here is that a couple things
so one Finance is rolling back the
trades so you know because it's sound
exchange and Finance locked down the
platform which was the right thing to do
I think you know the funds were still on
the platform so they were able to
actually do that where they could go
back and roll back the trades because
when you do a trade on an exchange
you're not really doing an on chain
transaction in most cases anyways so you
know because it's off chain and it's
just in an accounting ledger on Finance
then they had that ability so that's
something to keep in mind for people who
keep their money on exchanges so even if
you do you know you know trade one thing
for another and then for another over a
course of long period of time as long as
everything remains on that same exchange
you are at risk for issues like this I
mean Finance isn't doing anything
malicious here but you know that's not
to say that's somebody else on a
different exchange
or by names might change their minds in
the future so you know you should always
know that's a risk with the with keeping
with funds on exchanges personally you
know I have a little bit of funds on
exchangers doing margin lending but it's
you know it's an amount I'm willing to
lose should have come down to it even
though I don't think that will happen
the other thing that's really
interesting and I think is something
that all exchanges should do is taking
apart their profits sitting and aside as
you know an internal Insurance Fund I've
talked about insurance before and I
think it is one of the most under
appreciated assets to have in the crypto
space whether your exchange or whether
you're operating some sort of other
project you know it's it's not that hard
it should be done because you want to
safeguard users in case some kind of
malicious think happens now you know
most block chains are pretty thoroughly
vetted but you know even Bitcoin you
know core can learn has in the past I'm
under 51% attacks so you know these are
real things we've be concerned about
every other financial institution in the
world has insurance of various kinds to
protect their users against problems so
finance is slowly opening up the
different currencies for for deposit and
for withdrawal I'm hoping Steen will be
released pretty soon and yeah I think
they did I think they did the right
thing they did it in a timely manner
which is great just be aware that you
know rolling back transactions on
exchange is possible because you haven't
done an actual Unchained transaction so
hope that helps