Sunday, July 21, 2024

Binance ‘Accidentally’ Sends 13.2 million Uniswap Tokens to Own Wallet.

Binance accidentally delegated 13.2 million Uniswap (UNI) tokens to its own wallet.

Hayden Adams, the Uniswap founder, took to Twitter to say that the crypto exchange Binance had delegated 13 million UNI tokens from its books. This incident makes it the second-largest UNI delegate in the Uniswap DAO. Binance confirmed the same in an official statement.

Changpeng Zhao, the Binance founder, said the platform doesn’t vote with user’s tokens. He added that the move was something unintended. CZ tweeted that UNI transferred between internal Binance wallets, causing the UNI to be automatically delegated. He said this is part of their protocol and not something that Binance intended. CZ highlighted that Binance doesn’t vote with users’ tokens and that Uniswap misunderstood the situation. Adams said it was indeed a very unique situation as UNI technically belongs to its users. He outlined that Binance users would probably prefer to keep these governing rights.

A spokesperson for Binance said it all comes down to a misunderstanding of what has happened during the transfer of a large balance of UNI between wallets. The spokesperson highlighted that the platform is in discussions to improve the process to prevent any further misunderstandings from happening again.

Adams pointed out that UNI tokens transferred to wallets that are already delegating tokens are automatically assigned. As there was already an existing Binance wallet address that delegated a small number of UNI tokens for Uniswap DAO governance participation, coins transferred to that wallet were automatically assumed as voting tokens by the Uniswap code.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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