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

Analysts Remain Bullish on SpaceX Stock Despite Recent Challenges

chest

Despite recent challenges, analysts maintain a bullish outlook on SpaceX stock, citing its unique positioning in the market.

user avatarDavid Robinson

SpaceX Stock Faces Volatility Amid Lockup Expirations

chest

SpaceX stock has experienced significant fluctuations due to recent lockup expirations, with investors questioning its future performance.

user avatarAndrew Smith

Meta's Valuation Advantage Over SpaceX

chest

Despite SpaceX's rapid growth, Meta has a more favorable stock valuation, trading at about 66 times sales compared to SpaceX's 45 times sales.

user avatarZainab Kamara

SpaceX Outpaces Meta in Revenue Growth

chest

SpaceX's revenue grew by 92% year-over-year, while Meta's revenue increased by 28%. SpaceX's growth is driven by demand for AI and connectivity, whereas Meta's growth is slower but consistent.

user avatarJacob Williams

SpaceX and Meta Compete for $2 Trillion Valuation

chest

SpaceX and Meta are competing for a $2 trillion market valuation, with SpaceX having briefly reached this mark in June.

user avatarSon Min-ho

SanDisk's Impressive Stock Performance Post Spin-off

chest

SanDisk has experienced a remarkable stock increase of almost 3,900% since its spin-off from Western Digital, driven by high demand for NAND flash memory, with analysts suggesting over 50% upside from current levels.

user avatarAyman Ben Youssef

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.