Binance mistakenly distributed $ 20 million worth of tokens to users

The Helium cryptocurrency project has reported that due to an error in the settlement system of the largest cryptocurrency exchange Binance, the platform accidentally credited users with $ 20 million worth of HNT tokens.

«We can confirm that this issue is affecting Binance. To our knowledge, no other exchanges or third parties have been affected. We advise token holders to suspend HNT and MOBILE deposits on Binance until the situation is fully understood,» Helium developers said.

Binance’s system confused Helium’s MOBILE tokens with HNT tokens. This way, users could move MOBILE tokens to HNT wallets — the exchange considered them legitimate HNT coins and allowed them to be sold. In total, users transferred 4 829 043 MOBILE tokens to HNT wallets and sold them. As Helium representatives emphasized, the problem is exclusively related to the Binance system, it is not a blockchain error or hacking.

Yesterday, the cryptocurrency exchange Binance announced cooperation with a blockchain startup of former Facebook employees — the exchange is investing in Aptos Lab. According to a post on Binance’s official website, the funds will be used to create a secure and scalable blockchain, expand staff, and develop the project’s infrastructure. «We are confident that the technological competitiveness of the Aptos team will increase the scalability of the blockchain infrastructure and support new Web3 projects,» said Yi He, head of Binance Labs.