Connect with us

Hi, what are you looking for?

Economy

Binance Clarifies Stance Amid WazirX-Liminal Custody Blame Game

In an unprecedented turn of events, crypto exchange colossus Binance on Tuesday denied any links to WazirX or Zanmai and Zettai in the wake of users’ stolen funds on the Indian exchange. Notably, the globally leading CEX called on the Indian exchange to hold responsibility for exploited funds, stating clear facts that underscore no relation of its involvement with the firm in or after the attack. Meanwhile, the Nischal Shetty-led exchange continues to tackle scrutiny despite its 66%-34% approach to return users’ funds.

Binance Calls On Indian Exchange To Take Accountability For Stolen Funds

In an official Binance release dated September 17, the crypto exchange clearly refuted any links to WazirX despite its dispute with Zettai. The globally leading CEX has no “responsibility for the operation of the WazirX platform and the consequences of the alleged hack,” the release added.

For context, the release also spotlighted how Nichal Shetty pointed toward the ongoing dispute between Zettai and Binance in the wake of the exploitation attack. However, “This is false, and any suggestion of the sort is outrageously misleading,” the exchange added, denying any links to the attack and the Indian platform.

Simultaneously, the leading crypto exchange stressed further facts in its release, underscoring ‘zero involvement’ in the $233 million hack on the platform. Binance states that it has never acquired ownership and control over the Indian exchange, “before, during, or after the alleged hack.” Also, the global CEX revealed that it does not hold any user funds belonging to the Indian exchange. “The statements made by Mr. Shetty are inaccurate and misleading,” the release concludes.

Altogether, this recent saga has sparked discussions across the Indian crypto space as users continue to speculate over their funds’ retrieval. Currently, the 66% withdrawal phase is in place, while users continue worrying over the remaining 34% funds stuck on WazirX.

Indian Exchange Hack: A Brief Scoop

Meanwhile, it’s worth mentioning that the Indian exchange witnessed an exploitation attack in July this year. Notably, the compromised wallet was a multisig wallet consisting of signatories of 6 entities. Five of these belonged to the Indian exchange’s team, while one belonged to Liminal, a third-party custody solutions provider for the Indian exchange. Intriguingly, the Indian exchange has denied any loopholes from its side that might have resulted in the attack till now. Nevertheless, investigations continue.

However, Binance was also not involved in the operations of the compromised wallet in any way, the CEX clarified publically.

On the other hand, the hacker continues to garner attention with recent on-chain moves. CoinGape Media recently reported the WazirX exploiter to have moved 10,000 ETH to coin mixer Tornado Cash, sparking discussions across the global crypto community.

The post Binance Clarifies Stance Amid WazirX-Liminal Custody Blame Game appeared first on CoinGape.

You May Also Like

Investing

Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...

Investing

Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...

Investing

The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...

Investing

NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...




Disclaimer: Oldamericanbroker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.


Copyright © 2024 Oldamericanbroker.com