Binance has made it clear that the “Binance Accounting System Vulnerability” incident that had been reported by the Helium Foundation actually happened on Binance US and that Binance.com had not discovered any associated issues, emphasizing that user assets are secure.
The Helium Foundation claimed that a flaw in Binance’s accounting software caused Helium Network’s MOBILE tokens to be confused for the more valuable HNT, resulting in users getting about $20 million worth of HNT tokens by error.
When this article was written the incident has not yet received an official response from US authorities.
A podcast presenter who focuses on the Helium ecosystem, Arman Dezfuli-Arjomandi, criticized Binance.US for actively keeping in touch with clients, making pertinent information as transparent as possible, and disclosing pertinent remuneration 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.”
Anyone can own and administer a wireless network of low-power Internet of Things (IoT) devices thanks to the ever-expanding hotspot network of the Helium Network, which was founded in 2013. Customers can create and participate by utilizing a cryptographic token called the HNT award network for profit.
While the MOBILE tokust, which was released last month, is a reward paid to Helium 5G hotspot infrastructure providers, the HNT native token is a reward paid by Helium to hotspot hosts. Currently, the market for MOBILE tokens is not very liquid.
Anyone can own and run a wireless network of low-power Internet of Things (IoT) devices thanks to the ever-expanding hotspot network of the 2013-founded Helium Network. Customers can also contribute to and build the network using a cryptographic token called the HNT reward network with the intention of profiting from it.
The Helium 5G hotspot infrastructure providers receive remuneration in the form of the MOBILE token, which was issued last month. Hotspot hosts receive a payout in the form of the HNT native token from Helium. There is not enough market liquidity available at the moment for MOBILE tokens.
