Binance credits users with $20 million in HNT tokens due to an error
The exchange’s system mixed up two native tokens of the Helium project
17.09.2022 - 08:15
414
2 min
0
What’s new? Due to an error in the accounting system, cryptocurrency exchange Binance credited users with $20 million worth of HNT tokens. The exchange’s system mixed up two native tokens of the Helium project — HNT and MOBILE. Because of the bug, users could send MOBILE tokens to HNT wallets while the exchange identified them as more expensive HNT. According to The Block, a total of more than 4,8 million tokens were transferred and sold by the platform’s customers.
What else is known about the incident? Representatives of Helium clarified that it was not an exploit or hack, but an internal Binance bug.
“We advise token holders to suspend HNT and MOBILE deposits on Binance until a comprehensive situation update is provided,” Helium noted.
What is known about Helium? It is a decentralized wireless network built using blockchain. The project provides access to the Internet by connecting to network nodes. The project has the native coin HNT and the reward token MOBILE, which is given for opening nodes, which can later be converted to HNT.
As of September 17, 08:30 UTC, HNT is trading at $4,27, having added 3,93% per day, according to CoinMarketCap.
In early September, Georgian Coinbase customers were able to cash out cryptocurrency at 100 times the rate due to a bug in the system. Shortly after the incident, some users received notifications from their banks to freeze their accounts.
In May 2021, the Crypto.com exchange accidentally transferred $10,5 million to a woman from Australia instead of refunding $100. She used the money to buy a mansion, which the court later ordered to be sold to refund the exchange.
Useful material?
Incidents
Scammers took advantage of the former US president’s recent announcement of a real DeFi protocol
Sep 4, 2024
Technologies
The upgrade is aimed at implementing a new decentralized project governance system
Sep 2, 2024
Incidents
The company placed $2б4 billion in bonds maturing in 2026, but their value has fallen dramatically since the entrepreneur’s arrest
Aug 30, 2024
Incidents
In both cases, depending on the outcome of the investigations, the messenger could be blocked
Aug 29, 2024
Market
The project will offer a decentralized alternative to traditional banking services
Aug 29, 2024
Trends
Within a week of its launch, the platform managed to overtake its main competitor, Pump.fun on the Solana network
Aug 28, 2024