Binance to share $775,000 of Stellar after accidently staking for 11 months

Binance have announced that the exchange will be distributing Stellar coins (XLM) after mistakenly staking the coins for nearly one year. 

The announcement also states that Binance will now be supporting XLM staking on the exchange following the discovery of over 9.5 million XLM in cold and hot wallets. 

The discovery of the XLM comes after Binance decided against upgrading their wallets last year August, stating "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, 2018."

Binance will now distribute the $755,000 worth XLM to users on the exchange that held XLM with specific snapshots being taken back to work out distribution amounts. The exchange has now also implemented staking of XLM on the exchange. 

Supporting (and Sharing) @StellarOrg Staking $XLM

On September 1st, 9,500,000 XLM will be shared proportionately among Binance users that held XLM based on daily snapshots, which is estimated to be worth 1⃣0⃣ to 1⃣2⃣ months of typical staking rewards!https://t.co/2qZP5b1IA1 pic.twitter.com/JbxSYJ7Gf0

— Binance (@binance) July 18, 2019