The world’s largest cryptocurrency exchange by trading volume, Binance has refuted claims linking it with embattled WazirX. In an official blog post released on Monday, the exchange further distanced itself from WazirX, urging the leadership of the India-based trading platform to address all pressing issues relating to the hack.
The post came in response to the fresh tussle between Binance and the leadership of WazirX after the security breach that claimed about $234.9 million worth of user deposits. Shortly after the attack on July 18, WazirX halted deposit and withdrawal before releasing a statement that it would only repay users 66% of their balance on the exchange.
Consequently, the attack on the India-based crypto exchange has created a huge controversy with many users showing their displeasure over the reimbursement plans of the outlet. Meanwhile, the development further raised questions about the involvement of Binance in the day-to-day running of WazirX.
Before the attack, Binance has always maintained that it has no connection whatsoever with WazirX. According to a Binbits report, Binance founder Changpeng Zhao denied claims that the exchange acquired the platform in 2020.
Thereafter, WazirX released its proof of reserve which reflects how 90% of funds belonging to users of the exchange are on Binance.
How Binance Responded to the Claims of WazirX
Binance argued that the WazirX team under the leadership of Zanmai/Zettai should be accountable to users of the hacked exchange. More so, the crypto exchange faulted how the WazirX team is trying to shift the blame for the attack on Binance.
Additionally, Binance labeled the tactics as a “disappointing deflection” and an attempt to distract users and the entire crypto community from issues that need urgent attention relating to the breach. Further, the statement reflected how the leadership of the exchange is trying to push Binance into the issue.
By that, the popular exchange accused the leadership of WazirX of trying to make Binance reimburse its affected users. As per the statement, Zettai and its affiliates claimed that the Indian-based crypto exchange belongs to Binance.
In response, Binance stated that it doesn’t have any connection with the exchange whatsoever. Backing its claims, Binance quote a post belonging to the CEO of WazirX, claiming that he still controls the exchange.
Likewise, Binance revealed that it has never provided any cryptocurrency-related services to users of the exchange. However, the exchange said it has previously provided Zanmai with wallet services as it did for numerous third parties.
The exchange added that aside from providing the services, it never operated WazirX.
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