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HomeCrypto MiningBinance misallocates $20M Helium’s HNT tokens in mistake

Binance misallocates $20M Helium’s HNT tokens in mistake

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 keeping with 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 the moment lacks a liquid market.

Binance erroneously counted the 2 tokens as one, as customers who despatched MOBILE tokens to its platform bought an equal quantity of HNT as a substitute.

The Helium Basis reportedly stated:

“We will affirm that this isn’t a sequence challenge, and that this challenge is remoted to Binance. To our data, 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 offered.”

Binance informed CryptoSlate, “we’re trying into this and can get again as quickly as we will.”

Helium neighborhood is at the moment 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.

Posted In: , Exchanges


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