March 28, 2024

Binance Wrongly Allocates $20 Million HNT Helium Tokens

Binance mistakenly distributed $20 million worth of HNT Helium tokens

Binance has corrected the bug and is currently investigating what could have caused the loss of $20 million.

A bug in the Binance accounting system gave usersthe ability to update the balance of HNT tokens. As a result of the incident, users who sent MOBILE tokens to the wallets of the trading platform received an equal amount of HNT.

The Helium ecosystem manages two tokens, HNT and MOBILE, used to reward network users.

HNT is a native token used to buy hotspots and reward miners, while the MOBILE token does not currently have a liquid market.

As stated by the Helium Foundation, this is a problem exclusively with Binance:

“We advise token holders to suspend HNT and MOBILE deposits on Binance until the situation is updated.”

According to CoinMarketCap, the incident did not affect the price of the HNT token in any way. At the time of publication of the news, it is trading in the green zone at a price of $4.23.