As a seasoned crypto investor with years of experience navigating the volatile digital asset market, I find it crucial to separate fact from fiction when evaluating incidents such as the WazirX cyber-attack.
Binance clarifies that they are not accountable for the WazirX cyber-incident, as they neither owned the platform nor had control over the hacked digital wallet.
Binance, the well-known cryptocurrency exchange, has denied allegations of involvement in a recent cyber-attack on Indian crypto exchange WazirX. Binance clarified that it did not possess control over the platform at any point. Furthermore, Binance expressed criticism towards Nischal Shetty, co-founder of WazirX, for making misleading statements.
In a September 17th blog entry, Binance refuted allegations that they had ever owned or governed WazirX, stating unequivocally that they never had control over WazirX at any point, before, during, or after the July 2024 hacking incident. Binance accused Shetty of spreading misleading information in an attempt to divert responsibility for the attack, which targeted a wallet belonging to WazirX and the external custodian Liminal.
[…] [Nischal Shetty] is attempting to shift the responsibility and imply that Binance could potentially be at fault for the losses sustained by WazirX users and creditors due to the cyber-attack. However, this assertion is false, and any insinuation of such a nature is extremely misleading.
Binance
Binance distances from WazirX’s downfall
Previously, Binance had supplied technical solutions for WazirX, but they distanced themselves from any consequences arising from the subsequent attack. Binance explained that once WazirX’s funds were taken off their platform due to a collapsed acquisition agreement, the choice of Liminal as a custodian was made solely by Shetty and Zettai without consulting or notifying Binance.
Due to the cyber-attack on July 18, WazirX suffered a loss of approximately $235 million. This incident significantly affected the exchange, causing it to apply for a Scheme of Arrangement in Singapore, which is a restructuring process under their local bankruptcy laws. Later, an audit carried out by Grant Thornton revealed no signs that Liminal Custody’s infrastructure was involved in the large-scale hack.
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2024-09-17 16:46