Binance Suddenly Finds $775K in Stellar Tokens

Cryptocurrency exchange Binance has purportedly stumbled upon nearly 10 million Stellar (XLM) tokens, worth around $775,000.

The company said through a blog post that it had been unknowingly getting dividends for verifying transactions on the Stellar network since August last year.

“Fast forward to this week, when we looked into the staking of Stellar for Binance.com, we discovered that we had already earned 9,500,000 XLM ($775,000 USD) worth of extra XLM tokens,” Binance said.

Furthermore, Binance asserted it had followed the advice of Stellar to modify particular settings on its hot and cold cryptocurrency wallets.

In the midst of the odd discovery, Binance has decided to include XLM staking support right away. Interestingly, it has also planned to distribute all of the discovered cryptocurrency to any Binance user that has at least 10 XLM tokens on their account as of July 20.

Users are promised a proportional share of their staking reward potential based on their daily XLM average balance, along with an appropriate share of the total 9,500,000 XLM pool.

“Although the staking rewards have varied over time as the wallet balances have grown, for the first distribution, users holding XLM may expect to receive a first staking reward amount equivalent to roughly 10-12 months worth of staking rewards,” Binance added.