Nischal Shetty Responds Binance Stementment is Incorrect

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As a seasoned analyst with years of experience in the cryptocurrency market, I find myself closely following the ongoing saga between Binance and WazirX. From my perspective, this dispute appears to be a complex dance of accusations and counter-accusations.

On the heels of Binance‘s September 17, 2024 public declaration that refuted WazirX’s allegations and absolved them from responsibility for user incurred losses due to the ₹2,000 crore hack, I, as an analyst, find myself examining Nischal Shetty’s response. In this instance, I am expressing his words, “We categorically refute Binance’s claims and stand firm on our position that they are liable for the losses incurred by WazirX users.

In his latest declaration, Nischal Shetty contested Binance’s depiction, stating that their assertion featured selective facts that created an unfair and inaccurate impression about the continuing disagreement.

According to Binance’s declaration, they have never owned, managed, or run WazirX at any point in time, including before, during, or following the July 2024 incident that resulted in substantial user fund losses.

Shetty accuses Binance of misleading users by showing only one sides picture of the dispute.

He highlighted concerns about the confidentiality of the matters referenced in Binance’s statement, indicating that disclosing such information could jeopardize the integrity of the legal proceedings. He stated that he does not wish to engage in a detailed refutation of each point made by Binance at this time.

Shetty clarified that Binance’s statements don’t affect Zettai’s stance. In other words, WazirX users are classified as contingent, unsecured creditors. This implies they hold claims on the platform’s resources, but there’s no assurance they’ll recover their funds.

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2024-09-19 23:32