An Accounting Flaw in Binance Caused an Uneven Distribution of About $20 Million HNT

Last night, Binance found an accounting issue that enabled customers to submit MOBILE amounts to HNT wallets that were then sold on the market. This mistake permitted users to send Helium's MOBILE token to just be confused for HNT.

The Helium Foundation stated that an integrated accounting bug in Binance that affects only the exchange and about 4,829,043 MOBILE tokens was not a network problem.

Last night, Binance uncovered an accounting trick that enabled users to send mobile payments to HNT wallets, which have been later exchanged for cash. Due to such an error, users might send the MOBILE token from Helium and have it misinterpreted for the HNT token.

According to the Helium Foundation, Binance's efficient accounting flaw, which solely affects the exchange and around 4,829,043 MOBILE tokens, is not a network issue.

Binance has been forewarned by the Helium Foundation and told:

“We advise token holders to suspend HNT and MOBILE deposits on Binance until a comprehensive situation update is provided,”

The use of helium is revolutionizing how wireless networks are built and expanded worldwide. Anyone may create and oversee a wireless network for low-power Internet of Things (IoT) devices using Helium's constantly increasing hotspot network, and clients can make money by establishing and utilizing the network by employing a cryptographic token called HNT reward.

Through the sale of its native token in August of last year, The Helium network, backed by Andreessen Horowitz, raised $111 million (HNT).

In search of more effective operations, Decentralized peer-to-peer (P2P) 5G wireless network Helium proposed earlier this month to convert its very own network, officially called as HIP 70, to Solana.

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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