An 8 figure blunder – The crypto-project Helium wants to be a cornerstone ofa totally decentralized Web3. This project happens to have several separate tokens, including NHT and MOBILE. But Binance only considered them as one and the same token. There is, however, a significant difference in dollar quotation between the two. Result: more than 20 millions dollars allocated by mistake to Binance customers!
Binance is giving a big (unintentional) giveaway to Helium lovers
By dint of brewing a lot of different cryptos and tokens, Binance ended up getting lost. As CoinDesk reports in particular, the Changpeng Zhao platform would have made an accounting error in tracking project tokens Helium.
On the one hand, Helium Hotspot operators get tokens NHT. On the other, 5G Hotspot operators receive the tokens MOBILE, as part of the decentralized Internet project. And it turns out that they don’t have the same at all valuation.
At the time of this writing, HNTs are indeed quoted around the $4.5 the unit. But MOBILE tokens don’t even have no quote yet. In question, their too recent launch (August 2022) and their low liquidity.
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Nearly 5 million HNT tokens distributed by mistake
By assimilating HNT and MOBILE, Binance would have distributed 4.8 million HNT tokens before correcting the bug in its accounting follow-up. During the HNT mentioned above, this would amount to a loss of $21.6 million. At least, as long as the MOBILE tokens have no trading value.
These would be the users who have sent MOBILE tokens on their account Binance who would have benefited from this advantageous (and unforeseen) conversion into HNT tokens. According to Helium Foundationa non-profit association responsible for supporting this decentralized Internet project:
“The Helium Foundation was notified by Binance late in the evening of September 15 that an accounting error involving HNT had occurred. (…) We can confirm that this is not a problem coming from the blockchain, and that this problem is specific to Binance. To our knowledge, no other exchanges or third parties have been affected. (…)”
If Binance finds itself badly enough on this point with its confusion of tokens, the Helium project is doing well on his side. At the beginning of the year (February 2022), this crypto project indeed succeeded in raise easily for 200 million dollars help in its development.
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