Binance misallocated roughly $20 million of Helium’s HNT token to its customers as a result of an accounting bug, Coindesk reported on Sept. 16.
In response to the report, Binance has since patched the bug after its discovery.
The Helium ecosystem has two tokens, HNT and MOBILE, that it makes use of to reward its community customers.
HNT is the native token used to reward hotspot hosts, whereas the MOBILE token was launched in August and at present lacks a liquid market.
Binance erroneously counted the 2 tokens as one, as customers who despatched MOBILE tokens to its platform acquired an equal quantity of HNT as an alternative.
The Helium Basis reportedly stated:
“We will affirm that this isn’t a sequence situation, and that this situation is remoted to Binance. To our information, no different exchanges or third-parties have been affected. We advise token holders to droop HNT and MOBILE deposits on Binance till a complete state of affairs replace is supplied.”
Binance instructed CryptoSlate, “we’re wanting into this and can get again as quickly as we are able to.”
Helium group is at present voting on a migration proposal to Solana (SOL).
As of press time, the HNT token was buying and selling for $4.18 after declining by 0.1% within the final 24 hours.
Leave a Reply