link.png

ID:

binance-1169

Date:

Status:

Incident Count:

September 16, 2022

Verified

5

info.png
target.png
REKT

Contributor:

chain.png

web3rekt.com

KYC By:

KYC:

None

info.png

Audit By:

Audits:

None

Loss Amount:

19,000,000

info.png

Recovered:

-

Rewards:

Currency:

USD, HNT

info.png

Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Helium Network

Exchange

Assets

Human

Extended Method:

Accounting error

info.png

Days in Operation:

1901

(5.21 Years)

chain.png
chain.png
chain.png
chain.png
datasource.png

An accounting bug at Binance has led to a windfall in Helium Network’s native HNT token for some users and shouldered the world’s largest crypto exchange with a multimillion-dollar shortfall, according to people familiar with the matter.

Binance is down some 4.8 million HNT tokens that were erroneously disbursed to users, many of whom quickly sold the tokens for profit, the people said. At Friday’s prices those assets were worth about $19 million.

Root cause was due to how Binance tracks the two tokens as one. There are two tokens on Helium: the native HNT token that Helium pays out to hotspot hosts and the MOBILE token, paid to operators of Helium 5G infrastructure, which launched last month and lacks a liquid market, and therefore any quotable price.

info.png

DISCLAIMER: While web3rekt has used the best efforts in aggregating and maintaining this database, this web site makes no representations or warranties with respect to the accuracy or completeness of its information and data herein, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall web3rekt be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the data and information derived from this database.