The ongoing dispute between Binance and WazirX has taken a dramatic turn following a major security breach at WazirX in mid-2024, leading to the loss of approximately $230 million in crypto assets, almost half of the platform’s reserves.
This breach forced WazirX to halt withdrawals, creating shockwaves across the crypto community.
Important: Binance Denies #wazirx Ownership. #grok2
The latest developments regarding Binance's denial of ownership over WazirX, as of mid-2024, involve a significant escalation in the dispute following a security breach on WazirX. Here's a summary based on the information… pic.twitter.com/SPG8afazQ9
— Raajeev Anand (@rajeevanandspur) September 17, 2024
In response, Binance has publicly addressed the situation, accusing WazirX of misleading allegations. Binance firmly reiterated that it has never had ownership, control, or operational involvement with WazirX at any point, including during the July 2024 hack. Binance also highlighted that their association with WazirX ended in January 2023, when they ceased providing wallet services. Afterward, WazirX opted for Liminal as its new custodian partner for handling user funds.
🚨 BREAKING :@binance has posted their opinion and response on the #WazirX situation and their "misleading allegations
Points to note in the thread 🧵 below 👇
Like ❤️ and retweet 🔁 if you like this type of content .#Crypto #CryptoNews #Binance #CommunityFirst #WazirXhack pic.twitter.com/YwFVQUsk2L— Global Rashid (@globalrashid007) September 17, 2024
Binance States The Responsibility For The Breach
Binance’s statement emphasized that the responsibility for the breach and subsequent loss of funds lies solely with Zanmai/Zettai, the Indian entity that operates WazirX. The crypto exchange urged the WazirX team to take accountability and compensate affected users. Binance expressed disappointment with WazirX’s attempts to deflect responsibility and stressed that the security breach was entirely unrelated to their dispute with Binance.
Further clarifying its stance, Binance stated that Zanmai Infotech registered the WazirX platform with India’s Financial Intelligence Unit (FIU) in 2023 and is recognized by Indian authorities as the platform’s owner. Binance disavowed any influence over WazirX’s decision-making or operations, asserting that it played no role in the events leading up to the security breach.
As the fallout from the WazirX hack continues, the crypto community remains watchful of how WazirX will address its users’ concerns and resolve the issue.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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