Binance Announces Stellar Giveaway After Unknowingly Earning Rewards

Anyone familiar with the world of cryptocurrency will also be familiar with the name of Binance, which is one of the biggest crypto exchanges by volume, right now. According to recently published reports, it has been revealed that the exchange is planning to give away $775,000 in Stellar Lumens (XLM) after it unknowingly earned rewards on its holdings. They said,

“Back in August 2018, the Binance team heeded the Stellar team’s recommendations to change some parameters on both cold and hot wallets. This change has allowed us to unknowingly earn staking rewards starting August 31, 2018Fast 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. All weekly staking rewards between then and now are documented on the blockchain and credited to Binance.”

After the discovery was made, Binance also informed its users that it would be immediately allowing its users to stake their XLM, which essentially gives holders voting power and the ability to earn dividends by locking up their coins. Binance will also be starting to support staking for Stellar (XLM). Binance will take daily snapshots of XLM balances on your Binance accounts over the course of over 40-days. Thereafter, on September 1, we will tally average user XLM balances based on these snapshots and complete the distribution of your XLM staking rewards. In addition, Binance is planning to share the XLM staking rewards we have been unknowingly receiving since last year. Binance has decided to distribute the 9,500,000 XLM in staking rewards accrued to date, which is worth about USD 775,000, to all users who keep XLM balances starting July 20

Binance already supports staking rewards on several other crypto assets, including NEO (GAS), Ontology (ONG), and VeChain (VTHO).

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.