syscoin

Syscoin posted on platform X to provide the community with a preliminary update regarding the recent cross-chain bridge security incident involving 5 billion SYS tokens. The bridging service has been suspended, and the team is investigating and fixing the validation issues. The attacker exploited a validation vulnerability in the cross-chain bridge process to create unauthorized SYS outputs on the UTXO side.The affected funds have been transferred and split, and the team is tracking and coordinating with exchanges and ecosystem partners to prevent the contaminated UTXOs from being deposited, traded, or further distributed. The team has identified a fix and advises users not to interact with the cross-chain bridge until it is restored.

ChainCatcher message, according to the official announcement, Binance has announced that it will suspend the deposit and withdrawal services for Syscoin (SYS) network on April 6, 2025, at 23:30 (UTC) to support its network upgrade and hard fork. This upgrade will take place at block height 2,010,345 (approximately April 8, 2025, 00:30 UTC). After the upgrade, there will be significant changes to the tokenomics of SYS tokens: the total supply and circulating supply will increase, and the annual inflation rate will rise from 3.5% to a maximum of 10.79%. Binance will display a risk warning on the trading page. Trading of SYS tokens will not be affected during the upgrade, and the deposit and withdrawal services will automatically resume once the network stabilizes, without further notice.

ChainCatcher news, according to RootData, the Syscoin token (SYS) has increased by 66.6% in the last 24 hours, currently priced at $0.17.Additionally, the Web3 asset data platform RootData shows that Syscoin is a blockchain based on PoW consensus. Its foundation is a dual-layer blockchain: the core is the Syscoin blockchain itself, which operates alongside an NEVM (Network Enhanced Virtual Machine) Ethereum Virtual Machine (EVM) layer that provides smart contract functionality.

ChainCatcher news, multiple insiders have revealed that due to mismanagement and lack of financial transparency, the early L1 project Syscoin is expected to undergo leadership changes in the coming days. Key members of the Syscoin Foundation plan to resign and form a new entity—Syscoin Red. The Syscoin Foundation is a non-profit organization aimed at further developing the project.Insiders say that an internal dispute over fund allocation between the foundation and another for-profit entity, SYS Labs, has erupted, leading to a loss of morale within the foundation. Willy Ko, a board member and CFO of the foundation, stated that the new entity aims to restore transparency and trust within the Syscoin community and clearly define who controls the project funds.

ChainCatcher news, the decentralized blockchain infrastructure platform Syscoin has partnered with the Asian Web3 incubator WEconomy to accelerate the expansion of its Asian ecosystem, and plans to launch the layer2 protocol Rollux in the first quarter of 2023. Syscoin stated that Rollux is the first EVM-compatible layer2 rollup suite, ready for mainnet launch.It is reported that WEconomy currently has 70 startup projects and DAO organizations, most of which are from mainland China, Taiwan, and Vietnam, and it is expected to expand to about 100 projects through the partnership. Many projects in the WEconomy incubator have already prepared for the launch of Syscoin's layer2 protocol Rollux by deploying Syscoin's Layer1 NEVM and its layer2 Rollux testnet. (source link)

Chain Catcher news, cryptocurrency exchange MEXC has launched a $20 million Syscoin ecosystem fund aimed at supporting the development of the Syscoin ecosystem.It is reported that Syscoin is a Bitcoin scaling solution based on Rollup, and it has launched the first testnet of the Optimistic Rollup scaling network Rollux OPv1. After the mainnet of this network goes live, it will focus on launching a scaling network based on ZK Rollup.Earlier, Chain Catcher reported that MEXC's fund M-Ventures completed a brand upgrade, with a scale reaching $200 million. (Source link)