A misaccounting error at the cryptocurrency exchange Binance led to payments to users of 4.8 million Helium (HNT) tokens worth about $19 million. CoinDesk reports.
According to sources cited by the publication, the error is linked to the methods used to track deposits in Helium. In the decentralized network there is a native token HNT to reward owners of access points and the MOBILE token, which is paid to operators of the Helium 5G infrastructure.
Binance mistakenly merged these assets. Thus, MOBILE depositors received an equivalent amount of the more valuable HNT in exchange. As CoinDesk reports, many of them quickly sold the tokens to realise a profit.
At the time of writing, the error has been corrected. Holders were advised to pause deposits in HNT and MOBILE on Binance until the situation is fully resolved.
In late August, Helium announced migration to the Solana blockchain.
In February, media reported a $200 million raise for Helium at a valuation of $1.2 billion.
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