September 19, 2022

Binance accounting bug leads to $20m misallocation of HNT tokens

As a result of misallocation of funds, Binance users mistakenly received tokens worth about ≈$20 million.

There are two tokens in the Helium network - HNT and MOBILE. Binance counted them as one - HNT, with the result that customers who deposited the less valuable MOBILE benefited. In simple terms, the exchange credited MOBILE tokens ($0.95) as HNTs ($4.2). In total, about 4.8 million MOBILEs were thus involved in the exploit.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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