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


Binance incorrectly allocated approximately $20 million in Helium HNT tokens to users due to an accounting bug, Coindesk reported on Sept. 16.

According to reports, Binance patched the bug after it was discovered.

The Helium ecosystem has two tokens, HNT and MOBILE, which are used to reward network users.

HNT is the native token used to reward Hotspot hosts, while the MOBILE token launched in August and currently has no liquid market.

Binance mistakenly counted two tokens as one, as users who sent MOBILE tokens to the platform received the same amount of HNT instead.

The Helium Foundation reportedly said:

“This is not a chain issue and we can confirm that this issue is limited to Binance. To our knowledge, no other exchanges or third parties have been affected. , we recommend suspending HNT and MOBILE deposits on Binance until a comprehensive status update is provided.”

binance said crypto slate“We are looking into this and will get back to you as soon as possible.”

The Helium community is currently voting on a migration proposal to Solana (SOL).

At the time of writing, the HNT token was trading at $4.18 after dropping 0.1% over the past 24 hours.

Posted In: Binance, Exchanges

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