Binance, the world’s largest cryptocurrency exchange, has denied any involvement in the recent $230 million hack of WazirX, an Indian crypto platform, and urged the WazirX team to take responsibility and compensate affected users. The controversy arose following misleading claims about Binance’s connection to WazirX, with accusations that Binance might be liable for covering the losses.
WazirX Accusations Against Binance
Following the massive hack, WazirX suggested that Binance might be obligated to compensate its creditors, alleging that Binance had acquired and controlled the exchange. This claim has fueled confusion and raised questions about accountability for the breach.
Binance Responds: No Acquisition of WazirX
On September 17, Binance issued an official statement rejecting the accusations, clarifying that no acquisition or control of WazirX ever took place. Binance stated, “Attempts to shift responsibility are disappointing and should not distract from the key issue: WazirX’s accountability for the lost user funds under their management.”
The hack occurred on July 18, making it the second-largest cryptocurrency breach in 2024, with over $230 million stolen.
Clarification on WazirX and Binance Relationship
Binance further clarified the inaccuracies in WazirX’s claims, emphasizing that while the parties had explored an acquisition deal, it was never finalized. Binance explained that Zettai Pte Ltd, a separate entity controlled by WazirX co-founder Nischal Shetty, failed to fulfill contractual obligations, leading to the collapse of the deal.
“Binance never owned, controlled, or operated WazirX at any point, including before, during, or after the alleged hack,” the statement added, highlighting that WazirX is operated by Zanmai Labs Pvt Ltd, an entity registered in India.
Legal Implications and Ongoing Dispute
Binance’s statement follows a recent application filed by Zettai Pte Ltd with the Singapore High Court to prevent collective actions by WazirX creditors. In response, Binance emphasized that there is no legal basis for holding it responsible for WazirX’s losses, adding that Binance is not part of the user agreement with WazirX.
Conclusion
As the dust settles, Binance remains firm in its stance that WazirX should take full accountability for the hack. The lack of clear responsibility and legal disputes continue to leave affected users in uncertainty. Binance urged WazirX to focus on user compensation rather than shifting blame.
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