Binance will airdrop 9.5 million XLM to users and introduce staking rewards after discovering it had been staking customer Lumens since August 2018 without sharing the rewards.
Binance announced it will distribute 9.5 million XLM (worth $775,000) to users and launch staking rewards for Stellar Lumens. The airdrop comes after Binance revealed it had been staking customer XLM since August 2018 following Stellar team recommendations, but kept the rewards. Staking rewards will be calculated daily based on holdings (minimum 10 XLM) and distributed monthly. The airdrop will be proportionally distributed to users holding XLM on the exchange from July 20 through September 1. The announcement caused XLM price to surge 10% as the exchange attempts to make amends for the year-long oversight.