Media: Binance mistakenly paid users 4.8 million HNTs worth $19 million

Media: Binance mistakenly paid users 4.8 million HNTs worth $19 million

An accounting error on bitcoin exchange Binance led to the payment of 4.8 million Helium tokens (HNT) to users for about $19 million. It is reported by CoinDesk.

According to the publication’s sources, the error is related to the methods of tracking deposits in Helium. The decentralized network has a native HNT token to reward access point owners and a MOBILE coin that is paid to Helium 5G infrastructure operators.

Binance mistakenly combined these assets. So, users who deposited MOBILE received an equivalent number of the more valuable HNT in return. As CoinDesk writes, many of them quickly sold the tokens for a profit.

As of this writing, the error has been fixed. Token holders have been advised to suspend deposits in HNT and MOBILE on Binance until the situation is fully resolved.

As a reminder, the Helium team announced the migration to Solana blockchain https://gagarin.news/ in late August. The proposal to improve the protocol will be activated after approval by a community vote.

In February, the media reported that Helium had raised $200 million at a valuation of $1.2 billion.

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