The <a href="https://www.helium.foundation/" target="_blank" rel="nofollow noopener">Helium Foundation</a> has informed Binance of a flaw that resulted in folks getting around $20 million in HNT in error. An accounting error caused the misallocation of funds that Binance found at some point last night. Users could send MOBILE balances to HNT wallets and then trade those on the market, which occurred when Helium's MOBILE token was mistaken for HNT.
<h2>Pennies Into Dollars</h2>
The flaw, exclusive to Binance and not a chain problem, rapidly transformed pennies into dollars for users and enabled some 4,829,043 MOBILE tokens to violate the exchange's accounting method. The foundation advised token owners to postpone HNT and MOBILE deposits on Binance until a thorough status update.
<h2>HNT Token and MOBILE Token</h2>
On Helium, there are two types of tokens: the native HNT token, which Helium gives to hotspot hosts, and the MOBILE token, which Helium gives to operators of its 5G infrastructure, released last month.

The two tokens, like the ERC-20 and Ether (ETH) tokens on Ethereum, are independent assets even though they are closely related. They were wrongly counted as one by Binance: HNT. Depositors received an equivalent amount of the more valuable HNT when they sent MOBILE to Binance addresses.

HNT is trading lower, with a current price of $4.05. This represents a reaction to what might have been a selloff by users reaping the benefits of the exploit.
<h2>Binance Convert Service</h2>
Recently, Binance has expanded <a href="https://www.cryptoknowmics.com/news/binance-adds-lunc-and-ustc-to-binance-convert" target="_blank" rel="noopener">Binance Convert</a> to include Terra Classic (LUNC) and UST Classic (USTC). Users can now easily exchange LUNC and USTC for Bitcoin (<a href="https://www.cryptoknowmics.com/news/report-coinberry-files-lawsuit-against-50-users-after-losing-120-btc/" target="_blank" rel="noopener">BTC</a>), Binance USD (<a href="https://www.cryptoknowmics.com/news/busd-surpasses-the-20-billion-market-cap-milestone/" target="_blank" rel="noopener">BUSD</a>), and Tether (<a href="https://www.cryptoknowmics.com/news/tether-launched-its-usdt-stablecoin-on-near-blockchain/" target="_blank" rel="noopener">USDT</a>) without paying any fees.

The Binance Convert feature allows users of the exchange to convert one cryptocurrency to another. In contrast to trading, this service merely exchanges one coin for another.

Helium HNT Tokens Worth $20M Mistakenly Allocated By Binance

Users were able to send MOBILE balances to HNT wallets and then trade those on the market, which occurred when MOBILE token was mistaken for HNT by Binance.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Helium HNT Tokens Worth $20M Mistakenly Allocated By Binance

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