Binance Announces Big Crypto Giveaway After ‘Unknowingly’ Earning Stellar Lumens (XLM)
One of the biggest crypto exchanges by volume says it’s giving away $775,000 in Stellar Lumens (XLM) after unknowingly earning rewards on its holdings.
“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, 2018.
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. All weekly staking rewards between then and now are documented on the blockchain and credited to Binance.”
After making the discovery, Binance says it will immediately allow its users to stake their XLM, which essentially gives holders voting power and the ability to earn dividends by locking up their coins.
“Starting July 20, Binance will support staking for Stellar (XLM). Over a 40-day period, Binance will take daily snapshots of XLM balances on your Binance accounts. After that, 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. Specifically, Binance has decided to distribute the 9,500,000 XLM in staking rewards accrued to date, which is worth about $775,000 USD, to all users who keep XLM balances starting July 20.”
Binance already supports staking rewards on a number of other crypto assets including NEO (GAS), Ontology (ONG), and VeChain (VTHO).