Binance Clarifies Users Assets Safe on Accounting System Vulnerability Incident

Binance clarified on Sunday, September 18, that the “Binance Accounting System Vulnerability” incident previously stated by the Helium Foundation occurred on Binance.US, and found no related problems, emphasising that user assets are safe.

The Helium Foundation said a bug found in Binance’s accounting system led to the misidentification of Helium Network’s MOBILE tokens for higher-value HNT, with users mistakenly receiving around $20 million worth of HNT tokens.

At the time of writing, Binance.US officials have not yet made any official response to the incident.

Arman Dezfuli-Arjomandi, a podcast host focusing on the Helium ecology, criticised Binance.US for actively maintaining communication with customers, opening up the transparency of relevant information as soon as possible, and announcing relevant compensation plans. exist

The podcaster revealed in a post on his official Twitter that: “Due to a bug in the exchange system, each deposited MOBILE token gets 1 HNT (1 MOBILE is only worth <0.001 HNT). The attackers dumped HNT tokens that did not belong to them into the market, causing huge downward pressure on the price.”

Founded in 2013, the Helium Network’s ever-expanding network of hotspots enables anyone to own and operate a wireless network of low-power Internet of Things (IoT) devices, while customers can build and participate by using a cryptographic token called the HNT award network for profit.

The HNT native token is a reward paid by Helium to hotspot hosts, while the MOBILE tokust launched last month, is a reward paid to Helium 5G hotspot infrastructure operators. Currently, there is a lack of liquidity in the market for MOBILE tokens.

Image source: Shutterstock


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