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 Hiding Place 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, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Binance Expands into Traditional Finance as Mining Pool Closes

As Binance prepares to shut down its mining pool, the exchange is expanding into traditional finance by providing access to over 7,000 US stocks and ETFs for customers outside the United States.

user avatarMiguel Rodriguez

Binance Announces Closure of Mining Pool Services

Binance has announced the closure of its mining pool and related services effective November 10, 2026.

user avatarLuis Flores

AI Researchers Light Up Cigarettes to Signal Confidence in AI's Cancer Cure Potential

AI researchers are smoking cigarettes to signal their confidence in AI's potential to cure cancer.

user avatarArif Mukhtar

Sony's Plan to Discontinue Physical Game Discs Faces Major Backlash

Sony's announcement to stop producing physical game discs by 2028 has led to significant backlash from the gaming community.

user avatarMaria Gutierrez

Vibe Coders Successfully Port PS5 Games to PC with AnyPS5 Project

Vibe coders are making significant strides in porting PlayStation 5 applications to Windows and Linux through their open-source project, AnyPS5, which aims to convert PS5 game executables into programs that can run natively on PCs.

user avatarDavid Robinson

TRON DAO Reports Significant Growth in Q3 2026

TRON DAO highlights significant growth in transaction volume and network activity in its Q3 2026 ecosystem report.

user avatarAndrew Smith

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.