RATE Group | Binance suddenly finding $775,000 in XLM is totally not a publicity stunt
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Binance suddenly finding $775,000 in XLM is totally not a publicity stunt

21 Jul Binance suddenly finding $775,000 in XLM is totally not a publicity stunt

Posted at 03:51h in Cryptocurrency News by

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Prominent cryptocurrency exchange Binance has apparently stumbled upon almost 10 million Stellar XLM (XLM) tokens, worth $775,000 — you know, just laying around.

According to a Binance blog post, the firm had been unknowingly receiving dividends for validating transactions on the Stellar network since 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,” said Binance.

Binance further claimed it had followed Stellar’s advice to change certain settings on its hot and cold cryptocurrency wallets.

Staking cryptocurrency to receive dividends

Unlike Bitcoin miners, who contribute raw computing power to cryptographically validate transactions, blockchains such as Stellar allow holders to join network consensus by locking their tokens in a process called “staking.”

These…

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