Binance Made An Accounting Error That Caused $20M In Helium Tokens To Be Disbursed
Binance made a serious accounting error when combining 2 Helium tokens into one, HNT token, causing 4.8 million HNT equivalent to $20 million to be sent to the wrong person. Many users took advantage of the vulnerability to make a profit.
On Helium, there are two types of tokens: the native HNT token, which Helium pays to hotspot hosts, and the MOBILE token, which Helium pays to operators of its 5G infrastructure, which only launched last month and doesn’t have a liquid market or quotable price.
Binance counted them as one, HNT, resulting in a windfall for customers who gained the less valuable MOBILE. Many of whom quickly sold the tokens for profit.
The glitch effectively gave users dollars for pennies and allowed some 4,829,043 MOBILE tokens ($20 million) to exploit Binance’s accounting system, the error is not a chain issue and is isolated to the exchange, The Helium Foundation told The Block.
“We advise token holders to suspend HNT and MOBILE deposits on Binance until a comprehensive situation update is provided,” the foundation said.
The foundation said.
On September 15, Helium received a notification of an accounting error from Binance, according to a spokesperson for the project management organization. Therefore, it can be seen that since the people who took advantage of this vulnerability sold their tokens, the value of HNT has decreased slightly however the token has previously recorded a quite sharp drop before the price information from $5.67 down to $4.18 at the moment.
The vulnerability has now been fixed, however, users should refrain from depositing or withdrawing HNT on the exchange until the issue is investigated.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Binance Made An Accounting Error That Caused $20M In Helium Tokens To Be Disbursed
Binance made a serious accounting error when combining 2 Helium tokens into one, HNT token, causing 4.8 million HNT equivalent to $20 million to be sent to the wrong person. Many users took advantage of the vulnerability to make a profit.
On Helium, there are two types of tokens: the native HNT token, which Helium pays to hotspot hosts, and the MOBILE token, which Helium pays to operators of its 5G infrastructure, which only launched last month and doesn’t have a liquid market or quotable price.
Binance counted them as one, HNT, resulting in a windfall for customers who gained the less valuable MOBILE. Many of whom quickly sold the tokens for profit.
The glitch effectively gave users dollars for pennies and allowed some 4,829,043 MOBILE tokens ($20 million) to exploit Binance’s accounting system, the error is not a chain issue and is isolated to the exchange, The Helium Foundation told The Block.
“We advise token holders to suspend HNT and MOBILE deposits on Binance until a comprehensive situation update is provided,” the foundation said.
The foundation said.
On September 15, Helium received a notification of an accounting error from Binance, according to a spokesperson for the project management organization. Therefore, it can be seen that since the people who took advantage of this vulnerability sold their tokens, the value of HNT has decreased slightly however the token has previously recorded a quite sharp drop before the price information from $5.67 down to $4.18 at the moment.
The vulnerability has now been fixed, however, users should refrain from depositing or withdrawing HNT on the exchange until the issue is investigated.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
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