Crypto

Cryptocurrency: Binance customers mistakenly credited $20 million

Eight-figure mistake – Helium crypto project aims to be the cornerstone of a fully decentralized Web3. This project has several standalone tokens including HNT and MOBILE. But Binance only treated them as the same token. However, there is a significant difference in dollar quotes between them. Result: Over $20M Wrongly Attributed to Binance Clients!

Binance Gives Big (Unintentional) Giveaway to Helium Lovers

Due to the creation of many different cryptocurrencies and tokens, Binance ended up getting lost. According to CoinDesk, in particular, the Changpeng Zhao platform would have made an accounting error when monitoring the Helium project tokens.

On the one hand, Helium Hotspot operators receive HNT tokens. On the other hand, 5G hotspot operators receive MOBILE tokens as part of a decentralized internet project. And it turns out that they do not have the same rating.

At the time of this writing, HNTs do cost around $4.50 per unit. But MOBILE tokens are not even registered yet. Their too recent launch (August 2022) and low liquidity are in question.

Binance has offered a “generous gift” to its HNT customers after mispricing MOBILE tokens.

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Nearly 5 million HNT tokens were distributed by mistake

By adopting HNT and MOBILE, Binance would distribute 4.8 million HNT tokens before correcting a bug in its accounting monitoring. During the HNT mentioned above, this would have amounted to a loss of $21.6 million. At least until MOBILE tokens have trading value.

It is the users who sent MOBILE tokens to their Binance account that would benefit from this beneficial (and unexpected) conversion to HNT tokens. According to the Helium Foundation, the non-profit association responsible for supporting this decentralized internet project:

“The Helium Fund was notified by Binance late on September 15 that there had been an accounting error involving HNT. (…) We can confirm that this is not a blockchain issue and that this issue is specific to Binance. To the best of our knowledge, no other exchanges or third parties were affected. (…)”

If Binance feels pretty bad about this issue due to the token confusion, then the Helium project is doing well on its side. At the beginning of the year (February 2022), this crypto project did manage to easily raise $200 million in aid for its development.

Life sometimes prepares beautiful surprises for the lucky ones! The rest of the time, it’s best not to rely on chance in your investments. Don’t wait any longer to prepare for the future. Quickly register on the Binance platform, which is the absolute benchmark in the industry (commercial link).

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