Binance Denies WazirX Ownership and Hack Responsibility

In Brief:

Binance denies owning or being responsible for WazirX following a $235 million hack, urging WazirX to address user fund losses.

Binance claims it never completed the acquisition of WazirX and that references to it in WazirX's User Agreement are unauthorized.

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Binance Denies WazirX Ownership and Hack Responsibility

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Binance has publicly denied ownership of the Indian crypto platform WazirX and any responsibility for a recent $235 million hack. The denial comes in response to claims made by Nischal Shetty, associated with WazirX, during legal proceedings in Singapore.

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Disputed Acquisition and Unauthorized References

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Binance clarified that although a contract was signed, it never completed the acquisition of WazirX due to unmet obligations by Zettai Pte Ltd, the entity linked to WazirX. Binance maintains that it has never owned, controlled, or operated WazirX and is not a party to WazirX's User Agreement. The exchange emphasized that references to Binance in the agreement are unauthorized.

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In regard to the hack, Binance stated that it instructed Zanmai, an Indian company associated with WazirX, to withdraw funds from Binance-hosted wallets in January 2023, well before the hack occurred. The decision to use Liminal as a custody solution provider was made independently by Shetty and Zettai, without Binance's involvement.

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Call for Accountability

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Binance has requested reports on the hack, including one from cybersecurity firm Mandiant, but has not received them. The exchange calls on WazirX to address the concerns of users affected by the lost funds, stressing that this responsibility lies with the WazirX team, separate from any dispute with Binance.

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