What Went Wrong That Led to the Binance Helium $22 Million Accounting Mishap

Four Binance.us customers have unexpectedly received a total of almost $22 million in cryptocurrency, after the crypto-exchange erroneously credited holders of Helium's new MOBILE token with the more valuable helium (HNT) token instead. It appears that most of the mistakenly credited HNT has been sold on by their lucky receivers, with the accidental payout coinciding with a selloff that saw HNT's price dive from over $7 to an 18-month low of around $3.33.

Timeline of Helium

Leading crypto exchange Binance, as of 16 September, made a massive blunder that turned out profitable for some users. According to new reports, Binance erroneously paid out about 4.8 million Helium [HNT] tokens to some users.

A bullish recovery from the newly obtained $4 support sets the Helium coin price to hit a monthly resistance trendline. However, the low volume aligned with this recovery hints the prices are witnessing a minor relief rally.

Binance misallocated roughly $20 million of Helium's HNT token to its users due to an accounting bug, Coindesk reported on September 16. The post Binance misallocates $20M Helium's HNT tokens in mistake appeared first on CryptoSlate.

SOL, Solana's native coin, has seen its value increase since the announcement of its impending merger with Helium. The developers of Helium came up with HIP 70, which aimed to relocate the entire Helium supply chain to Solana.

Despite a strong bullish run in recent months, Helium (HNT) was unable to hold its ground against tether (USDT), with the price falling from an all-time high of $50 to around $5. The recent price increase in Bitcoin (BTC) has had a positive impact on the overall market, as most altcoins continue to show strength, producing more than 100% gains, with Helium (HNT) price also in the picture due to its impressive recovery.

Helium (HNT) has been flushed in green, standing out from all the reds in the crypto space. HNT price bounces back from key support at $3.4 Helium intraday trading volume registers 378% plunge HNT price to sprint past the $5 level Helium price has bounced back from its support key spotted at $3.4, prompting a new rally which can spike past the $5 level.

The Helium Foundation published a proposal on 30 August, that informed users about an important update. The foundation stated the intentions of the Helium core team to migrate to the Solana [SOL] blockchain.

A popular crypto analyst is still bullish on Helium's (HNT) long-term prospects despite the project's recent steep correction. In a new YouTube video, the anonymous host of InvestAnswers tells his 443,000 subscribers that Helium, a decentralized wireless network for the Internet of Things (IoT), is a “picture-perfect use case for blockchain.

Helium's HNT token is in freefall as it has lost roughly 9% of its value in the last 24 hours –the highest over this timeframe– according to CryptoSlate data. The post Helium down 55% in last 30 days as challenges run rife appeared first on CryptoSlate.

Be[in]Crypto takes a look at the five cryptocurrencies that decreased the most last week, more specifically, from Aug 26 to Sept 2. The post Helium (HNT) Sinks to New Yearly Low: Biggest Weekly Losers appeared first on BeInCrypto.