Binance Misallocates $4.8M HNT Tokens Owing to a Bug
Binance, the firm that occupies a significant place among the top crypto exchanges within the industry, has received an alert from Helium Foundation regarding a bug. The alert mentioned that due to the respective bug the consumers mistakenly got HNT tokens of $20M worth.
Binance’s Accounting Bug Lets Customers Take away $20M in HNT Instead of MOBILE Tokens
Binance witnessed an accounting error during the previous night and the outcome thereof was a fund misallocation. In the respective error, the MOBILE token of Helium was wrongly taken for HNT. As a result, the consumers were allowed to send the balances in MOBILE tokens to their HNT wallets as well as to sell them within the market. Because of that bug, the consumers became capable of receiving dollars in return for pennies.
Eventually, up to 4,829,043 tokens of MOBILE efficiently let the customers exploit the accounting system of the crypto exchange. The bug does not count as a chain-based problem and it is not linked to Binance, as stated by The Helium Foundation. The platform mentioned that they recommend the holders of the token terminate the deposits in MOBILE and HNT on the exchange until the provision of an all-inclusive update resolves the issue.
The Bug Gets Patched But Binance Loses 4.8M HNT Tokens
After that, $4.05 is the point where HNT is presently trading. A decline of up to 4.8M HNT tokens has taken place on the crypto exchange due to the incident. Helium’s both tokens, HNT and MOBILE, are just like Ether and ERC-20 on Ethereum. They are separate assets however, they were counted by the Binance exchange as one token, HNT. In this way, the deposits made by the clients in MOBILE to the addresses on the Binance exchange received the equivalent amount in the more precious HNT.
Since that time, the glitch has been patched nonetheless after the loss of up to 4.8M HNT tokens replacing MOBILE. A spokesperson from Binance disclosed that they can validate this incident not to be a chain-related problem. He added that none of the 3rd parties or other exchanges have been affected by the matter.
The consumers who got the opportunity immediately availed it along with selling the respective tokens to obtain substantial gains. Recently, Helium Foundation declared to shift the Wireless Network thereof to Solana.
