Declaring on the WazirX team to accept responsibility and pay impacted consumers, Binance, the biggest cryptocurrency exchange worldwide, has vehemently denied culpability for the recent $230 million theft on Indian exchange WazirX. One of the most important bitcoin leaks of 2024, the hack happened in July.
Binance’s Defense: No WazirX Purchase
Drawing on Binance’s claimed takeover of the Indian exchange, WazirX recommended that the company should reimburse the damages following the breach. Binance disagreed, saying that although talks about a possible purchase took place, WazirX’s parent firm, Zettai, neglected its responsibilities, which resulted in the deal’s cancellation. Binance stated that before, during, or following the attack, Binance never had any operational engagement or control with WazirX.
In its official statement on September 17, Binance underlined the importance of WazirX compensating its users for the lost money and branded WazirX’s attempts to assign responsibility a “disappointing deflection tactic”. Binance underlined also that the Indian exchange is run by Zanmai Labs Pvt LTD, a distinct legal organization governed by Indian law.
An continuing legal conflict
The hack and its consequences have caused more conflict between the two exchanges. Nischal Shetty, a co-founder of WazirX, has made multiple public comments suggesting Binance should share the hack’s guilt. Binance reacted by accusing Shetty of disseminating incorrect and fraudulent information. Legal procedures are also involved in the disagreement when Zettai applied in Singapore to stop WazirX’s creditors from acting collectively against it.
Binance Respected Non-Involvement
Binance underlined that it was not part of WazirX’s user agreement and has no need to reimburse any claims stemming from the hack, thereby firmly denying any legal responsibility for the damages suffered by WazirX consumers. Binance ended by exhorting the WazirX team to own the hack and concentrate on reimbursing its customers instead than assigning responsibility.
