Binance Led $22M Worth Jumbled Transactions in Confusion?

Binance Led $22M Worth Jumbled Transactions in Confusion?
  • Binance platform offered users $20 million in cryptocurrency by mistake.
  • Binance has mixed up the two tokens HNT and Mobile into one token.

The Binance platform offered users $20 million in cryptocurrency by mistake. The company has muddled up two tokens connected to the same project due to an error. Binance, the world’s largest trading platform, recently made an accounting error, according to those familiar with the matter, in which the US branch of the exchange accidentally transferred $22 million in crypto assets for four users.

Binance seems to have mixed up two coins associated with the same decentralized internet project: Helium. The concept includes two tokens: HNT and Mobile. Because of the crash, the platform combines two tokens into one.

Binance’s Transfer Error:

Instead of the Mobile token, users received the HNT token. Binance has sent 1 HNT to each user who has deposited a mobile token. Users have gotten a total of 4.8 million without any justification. And the values of these two tokens are completely contradictory. For instance, HNT is currently trading at $4.81, whereas the Mobile token does not yet have a price. And the Mobile token has recently been released, and token holders have lately received millions in their Binance accounts, which is astonishing.

According to Arman Dezfuli-Arjomand, a Helium spokesperson, this occurred on August 23, approximately 23 days before, however, the platform was not notified until September 15th.

However, the consumer did not wait for Binance to recognize their mistake. Users have been reselling the tokens on several platforms, including Binance.com. As a result of the resale, the token price rises by $7, and following the sale, the token price falls to $3.50.

This is not the first error in the ecosystem; a few weeks ago, Crypto.com deposited $10 million to a bank account, and after detecting the error, the user received the luxury mansion.

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