Cryptocurrency

Binance unknowingly generates $775k from staking Stellar; will share proceeds with community

July 18, 2019, 7:12AM EDT

Binance has inadvertently been earning staking rewards from Stellar.

After introducing wallet changes recommended by the Stellar team, Binance discovered it had already generated 9,500,000 XLM ($775,000 USD) for staking since Aug. 31, 2018, which it has said it will share between all XLM holders in the Binance community as of July 20.

The company has now also decided to add staking support for XLM, and will begin distributing rewards to all users who stake XLM tokens in 42 days from now.

Binance estimates the September pay-out will be “worth 10 to 12 months of typical monthly rewards.” 

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