Global crypto giant Binance has fired back at Indian exchange WazirX, refuting claims made by the hacked platform and its parent company, Zettai, regarding a recent $235 million heist. In a sharp statement, Binance denied any involvement with WazirX and demanded accountability from the Indian platform’s team amid ongoing legal disputes.
WazirX Points Fingers Amidst Hack Fallout
Following the hack, WazirX, owned by Singapore-based company Zettai, claimed that users might face delays in recovering their funds due to a legal dispute between Zettai and Binance. Zettai is currently seeking a moratorium from the High Court of Singapore to restructure its debts and liabilities. The moratorium, if granted, would provide the company with time to execute its repayment plans. However, if denied, WazirX suggested that users would have to wait until the resolution of its legal battle with Binance to determine who is responsible for their account balances.
Zettai’s filing raised concerns among users who feared that the dispute could leave their funds in limbo. The suggestion that Binance might ultimately be responsible for reimbursing WazirX customers only added to the uncertainty.
In response, Binance issued a blog post dismissing WazirX’s claims, labeling Zettai’s statements as “inaccurate and misleading.” The global exchange emphasized that it has no liability for WazirX’s users, distancing itself from any responsibility in the aftermath of the hack. Binance pointed out that Zettai’s financial obligations to its users are entirely unrelated to the ongoing dispute.
In its statement, Binance specifically addressed remarks made by Nischal Shetty, the main owner of Zettai, regarding the legal battle. Shetty suggested that the dispute could determine Binance’s ownership of WazirX, a claim that Binance swiftly rejected. According to Binance, ownership of WazirX is not part of the court case, and there is no legal basis for holding Binance liable for any claims made by WazirX users.
Accountability Demanded Amid Legal Battle
As the legal battle between Zettai and Binance unfolds, the global exchange has demanded that WazirX’s team take full responsibility for the massive security breach. Binance condemned the attempts by WazirX and Zettai to allegedly “deflect the blame” onto the crypto giant, calling their statements “outrageously misleading.”
WazirX has been under heavy scrutiny from users and the wider crypto community since the hack. Many have expressed frustration with the platform’s lack of transparency and criticized its decision to restore all balances after the incident.
What’s Next for WazirX Users?
As the fallout from the $235 million hack continues, Binance has urged WazirX users to stay vigilant and informed. The exchange stressed the importance of transparency and accountability from all platforms, highlighting the need for greater communication during such crises.
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In the meantime, WazirX users are left waiting for the Singapore court’s decision, which could determine the timeline for the platform’s restructuring and users’ repayments. However, Binance has made it clear that it will not be responsible for cleaning up the mess left by WazirX and Zettai.
With tensions high and users still in limbo, the crypto world is watching closely to see how the dispute will unfold and whether WazirX will take the necessary steps to restore trust among its user base.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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