Syscoin execs accused of unauthorized creation of 100 million new SYS tokens

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Jul 28 2024

SYS-4.495%

DOGE-1.737%

Should l Buy SYS?

Allegations of Fraud: Syscoin and its foundation are under investigation for allegedly manipulating the SYS token supply, issuing 100 million new tokens without authorization, and potentially defrauding investors. The Dogecoin Foundation has raised concerns about financial misconduct and lack of transparency among the directors.
Criminal Investigation: Dutch authorities have initiated a criminal investigation into possible financial crimes related to Syscoin, including theft and fraud, following claims that the issuance of new tokens significantly harmed investor interests and violated tax laws.

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Technical Analysis for SYS

Technical Sentiment Analysis for Syscoin (SYS) As of , Syscoin (SYS) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for SYS stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, SYS is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Syscoin (SYS) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.0052	0.00816	0.0113	0.0143	0.0175	0.0205	0.0236
Fibonacci	0.00816	0.0105	0.012	0.0143	0.0167	0.0181	0.0205

About SYS

Syscoin was created in 2014 by Sebastian Schepis — one of the co-founders of the company that created what became the Oracle Project Manager, an enterprise management system. Following the success of Project Manager, Sebastian has gone on to consult for large corporations like Lockheed-Martin, Bank of America, General Dynamics, Verizon Wireless, and several othersToday, Syscoin as an open source project is led by the non-profit Syscoin Foundation with board members including Jagdeep Sidhu (Foundation President and Lead developer) and Michiel Näring, Syscoin Foundation Vice President.SYS Labs, an enterprise, leads the development of flagship apps and systems built on Syscoin, including Rollux (OPStack L2), SuperDapp, Pegasys DAO (DEX), and Luxy (NFT marketplace).

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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