Binance Clarifies Responsibility Amid WazirX Hack Incident

• The world’s largest cryptocurrency exchange, Binance, has recently addressed allegations causing speculation in the market.
• Binance clarified its stance on misleading statements made by Zettai regarding WazirX users’ protection.
• Highlighting a statement, Binance emphasized that it is not responsible for any losses endured by WazirX users and that WazirX should take responsibility.

Binance addresses rumors and responsibilities concerning WazirX users’ fund losses amidst hack allegations.

Binance’s Clarification on the WazirX Hack Incident

On July 18, 2024, the WazirX platform reported a hack involving a wallet holding user funds. This wallet, described as a multisig wallet secured by five WazirX employees and a third-party custodian named Liminal, was compromised.

Binance has clearly stated that it had no involvement in managing this wallet and was not in a position to intervene during the hack. The exchange emphasized its lack of control and responsibility over the compromised wallet, distancing itself from the incident.

False Accusations by WazirX Founder Nischal Shetty

Nischal Shetty, the founder of WazirX, made misleading claims insinuating Binance’s responsibility in the matter, attempting to deflect blame from WazirX’s own management. Binance, on the other hand, countered these accusations, reaffirming the absence of any user agreement or operational involvement with WazirX.

Zanmai and Zettai’s Accountability

Binance reiterated that WazirX’s operations are managed by Zanmai and Zettai companies, and Binance has never owned or controlled the platform. Zanmai, which registered WazirX in India, is recognized by the Indian Financial Intelligence Unit as the platform’s legal owner.

Indications from Shetty’s Statements

In several social media posts, Shetty admitted that the platform is still under his management, further corroborating Binance’s lack of involvement. Binance accentuated that Zettai must assume responsibility for the hack and take necessary measures to ensure that users do not suffer further losses.

Conclusion

In summary, Binance has firmly rejected any claims linking it to WazirX user fund losses and the recent hack. It has called for Zanmai and Zettai to take corrective actions and mitigate user losses, clearing the air on multiple fronts. The focus now remains on how WazirX’s managing bodies will address and rectify the security breaches moving forward.