Binance Denies Claims of Managing WazirX and Responsibility for Hack

Binance Denies Claims of Managing WazirX and Responsibility for Hack

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. WazirX Claims against Binance
  2. Binance's Response to the Claims
  3. The 2000 Crore Hack

    4. Binance has firmly denied recent allegations regarding ownership or involvement with WazirX, stating it never owned, controlled, or was involved in the platform's operations or the August 2024 hack that left millions of users with locked funds.

    WazirX Claims against Binance

    In its application to the Singapore High Court, WazirX, through Zettai Pte Ltd, claimed that Binance was responsible for compensating users for their cryptocurrency losses incurred during the hack. Binance strongly refuted these claims and rejected any liability towards WazirX users following the 2000 crore hack.

    Binance's Response to the Claims

    In its response, Binance refuted WazirX’s claims, highlighting several key points: 1. Ownership and Control: Binance asserts it never acquired or controlled WazirX. The proposed acquisition did not proceed due to Zettai's failure to fulfill its obligations. 2. Liability for User Funds: Binance is not responsible for WazirX's user funds and is not obligated to pay any claims or compensations. 3. WazirX User Agreement: Binance did not agree to or provide any cryptocurrency services referenced in the User Agreement. 4. Custody of User Funds: Binance provided only technological wallet services. 5. Responsibility for Cyberattack Consequences: Binance is not responsible for the hack, and it had requested the removal of user funds from its wallets before the incident. 6. Statements by Mr. Shetty: Binance states that Zettai and Mr. Shetty are spreading misleading information about its role with WazirX.

    The 2000 Crore Hack

    On July 18, 2024, the WazirX hack resulted in a loss of approximately $235 million in user funds. The attack targeted a multisig wallet with five signatories from WazirX and one from third-party custodian Liminal. Following the incident, Zettai applied for a moratorium in Singapore to prevent legal action from creditors.

    Binance firmly rejects all accusations from Zettai and calls for the WazirX team to be held accountable for the hack and compensate the affected users, distancing itself from any liability regarding the incident.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Chainlink Expands Its Network with 12 New Integrations

chest

Chainlink has announced 12 new integrations across 10 blockchains, enhancing its crosschain data and infrastructure capabilities.

user avatarAisha Farooq

Flowra's Auction Framework Aims to Professionalize MEV Infrastructure

chest

Flowra's launch of the Open Orderflow Auction framework on August 21 aims to professionalize MEV and blockbuilding infrastructure on Solana, promoting a transparent and competitive transaction-ordering market.

user avatarTenzin Dorje

Honeypot Integration Gives Solana Validators More Control

chest

Honeypot integration allows Solana validators to customize block policies, enhancing control over transaction handling.

user avatarBayarjavkhlan Ganbaatar

Flowra Introduces Open Orderflow Auction for Solana Validators

chest

Flowra has launched its Open Orderflow Auction framework for Solana validators, introducing a third-party blockbuilding and MEV auction system designed around short, competitive ordering windows.

user avatarMohamed Farouk

AI Agents Execute 33 Million USDC Payments on Solana's x402 Protocol

chest

AI agents have executed 33 million USDC in payments over the x402 protocol on Solana in just one week, showcasing a new use case for machine-to-machine payments with stablecoins.

user avatarElias Mukuru

Solana Validators Vote on Governance Proposal SGP0003

chest

Validators on the Solana network are voting on governance proposal SGP0003, which aims to restructure the fee model and potentially increase daily SOL burns.

user avatarDiego Alvarez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.