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

Experts Warn Against Short-Term Predictions for Bitcoin Prices

chest

Experts warn against over-reliance on single-day ETF flows for predicting Bitcoin prices, emphasizing long-term trends.

user avatarNguyen Van Long

Dormant Bitcoin Wallets Come to Life

chest

Six dormant Bitcoin wallets have moved a total of 55,359 BTC, worth approximately $40.15 million, between August 16 and August 26.

user avatarSatoshi Nakamura

SEC Proposes New Rules for Crypto Custody Regulations

chest

The SEC has proposed new rules to modernize crypto custody regulations for investment advisers and companies.

user avatarJesper Sørensen

US Law Blocks Federal Reserve from Issuing Digital Currency Until 2030

chest

US Congress passed a law blocking the Federal Reserve from issuing a digital currency until 2030.

user avatarRajesh Kumar

ECB Executive Addresses Privacy Concerns of Digital Euro

chest

Piero Cipollone from the European Central Bank addresses privacy concerns regarding the digital euro, emphasizing user privacy and transaction confidentiality.

user avatarLucas Weissmann

Bitcoin Futures Traders Abandon Crypto for Stablecoin Margin

chest

Bitcoin futures traders have largely abandoned using Bitcoin as collateral for their positions, opting for stablecoin-backed positions to avoid risks associated with price drops.

user avatarFilippo Romano

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.