Binance Launches Recovery Program …

Binance Launches Recovery Program …

Binance launches program to recover lost assets on its blockchain

Binance cryptocurrency exchange today announced the launch of the BNB Pioneer Burn program, in which it intends to provide assistance to users who have lost tokens due to their own mistakes when interacting with its new Binance Smart Chain blockchain. Under the terms, Binance will cover user losses “in approved cases” and will account for lost tokens when performing a quarterly BNB burn.

The recovery program includes assets in BNB, so-called “wrapped” tokens, such as WBNB, and pegged tokens such as BTCB, supported by Binance’s Token Canal project..

Lost tokens must be sent to the address of the BEP20 contract so that the fact of their loss and the impossibility of returning them into circulation is publicly confirmed in the blockchain explorer. The amount of the loss must be more than $ 1,000 but less than the expected value of the BNB to be burned.

The affected user needs to contact the exchange support service, after which it will conduct its own investigation. In case of loss of BNB, he will be credited with the corresponding number of tokens. They will then be taken into account during the quarterly incineration. If the pegged tokens are lost, Binance will issue the same number of new tokens and transfer them to the user. Tokens issued in this way will not be considered an increase in emission.

In this regard, from the third quarter, the BNB calculation scheme for quarterly combustion is changed. Tokens distributed among users under the BNB Pioneer Burn program will now be deducted from the amount to be burned.

Binance Launches Recovery Program ...

Binance explains that it was prompted to launch the program by the recent loss of 867 BNB ($ 20,000) by a user who sent their assets to a contract address that no one else has access to..

“This 867 BNB is lost, retired and can never be used up again. BNB has no inflationary structure, so no one can issue more BNB to compensate for losses. Fortunately, BNB can be burned. We are not deviating from the original amounts of tokens to burn planned for the current quarter. We simply include in them the token burns that occurred as a result of user losses that we reimbursed through the BNB Pioneer Burn program, ”adds the exchange..

Earlier it became known that Tether helped to recover $ 1 million lost due to the USDT error.

Binance Launches Recovery Program ...
Binance Launches Recovery Program ...

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