Binance accounting bug leads to misallocation of $20 million worth of HNT tokens

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The Helium Foundation alerted Binance to a bug that resulted in users mistakenly receiving around $20 million in HNT.

An accounting error discovered by Binance at some point last night resulted in misallocation of funds. The error, where Helium’s MOBILE token was confused with HNT, allowed users to send MOBILE balances to HNT wallets and then sell them on the market.

The issue effectively gave users dollars for pennies and allowed some 4,829,043 MOBILE tokens to exploit Binance’s accounting system, the error is not a chain issue and is isolated to the exchange, The Helium Foundation told The Block.

“We advise token holders to suspend HNT and MOBILE deposits on Binance until a full update on the situation is provided,” the foundation said.

Reacting to what could have been selling off from users taking advantage of the exploit, HNT is trading lower, currently around $4.05.

Binance did not immediately respond to a call for comment.

© 2022 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

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