ID:
binance-1169
100 pts
Platform:
Type:
Category:
Method:
Data Sources:
Helium Network
Exchange
Assets
Human
Extended Method:
Accounting error
Days in Operation:
1901
(5.21 Years)
100 pts each
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.
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