Tuesday, February 18, 2025

Binance Refutes Responsibility for $230M WazirX Hack But Calls for User Refunds

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Originally published on: September 17, 2024

The recent $230-million hack on WazirX has stirred controversy, with blame initially shifting towards Binance, the largest cryptocurrency exchange globally. However, Binance has come forward to deny any connection between the two exchanges, following widespread misconceptions.

Contrary to claims made by WazirX, Binance has clarified that it did not acquire or control the Indian exchange. Despite exploring the option of acquiring WazirX, the deal never materialized, as stated by Binance in an official release.

WazirX, managed by Zanmai Labs Pvt Ltd, is an independent entity registered in India, distinct from Binance. This distinction is vital in clarifying the responsibility for the funds lost in the hack, as outlined by Binance.

In a recent development, Zettai Pte Ltd, led by Nischal Shetty, filed an application with the Singapore High Court to protect WazirX from collective creditor action. Binance emphasized that the ongoing dispute does not implicate the exchange in any liability claims.

Looking ahead, Binance urges affected users to seek repayments through the appropriate channels as per the user agreement with WazirX. By setting the record straight, Binance aims to clear the air surrounding the hack and ensure transparency in the crypto community.

Don’t miss out on the latest in crypto news: Explore how Bitcoin ETFs could be at risk of cyber threats and more in our Hodler’s Digest.

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