Binance misallocated roughly $20 million of Helium’s HNT token to its customers on account of an accounting bug, Coindesk reported on Sept. 16.
According to the report, Binance has since patched the bug after its discovery.
The Helium ecosystem has two tokens, HNT and MOBILE, that it makes use of to reward its community customers.
HNT is the native token used to reward hotspot hosts, whereas the MOBILE token was launched in August and presently lacks a liquid market.
Binance erroneously counted the 2 tokens as one, as customers who despatched MOBILE tokens to its platform bought an equal quantity of HNT as an alternative.
The Helium Foundation reportedly stated:
“We can confirm that this is not a chain issue, and that this issue is isolated to 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 a comprehensive situation update is provided.”
Binance advised CryptoSlate, “we are looking into this and will get back as soon as we can.”
As of press time, the HNT token was buying and selling for $4.18 after declining by 0.1% in the final 24 hours.