WazirX

Binance has rejected the claim of a WazirX user asking Rs 83 crore ($10 Million) as compensation for the crypto hack, stating that it has neither ownership of WazirX exchange nor does it hold any users’ crypto funds.
Binance has also outrightly refused to take any responsibility for the Rs 2000 crore WazirX hack, claiming that the exchange was solely the responsibility of Zanmai and Zettai- the two companies floated by WazirX co-founder Nischal Shetty.
In a letter addressed to the Singapore High Court, a WazirX user had demanded Rs 83 crore as compensation from Binance, claiming that the exchange has “fiduciary duty” towards him, post the hack and as per Shetty, the crypto funds of WazirX are under the responsibility of Binance.
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 <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@binance</a> responds to a <a href="https://twitter.com/hashtag/WazirX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#WazirX</a> user demanding $10M in compensation <a href="https://t.co/Y3MtDH8Auo" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Y3MtDH8Auo</a>— Justice for WazirX Users (@IndiasCrypto) <a href="https://twitter.com/IndiasCrypto/status/1838577937882210410?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 24, 2024</a>
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 Source: <a href="https://x.com/IndiasCrypto/status/1838577937882210410" target="_blank" rel="noopener noreferrer nofollow">X</a>
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 “WazirX platform is entirely operated by Zanmai which is wholly owned by Zettai. Binance does not manage or control any aspect of WazirX’s business or platform operations, including user funds. Whilst Binance had historically provided some wallet and related technology services to WazirX, all these services have been terminated as at February 2023,” said Binance in a letter mailed to the WazirX user.
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Binance also responded to the WazirX user stating that it is solely the lookout of Shetty to ensure that users are compensated post the hack.
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 “It is clear that the management of WazirX user funds is under the control of Zanmai/Zettai led by Nischal Shetty. You should look solely to them for any recourse you wish to pursue in relation to funds held by WazirX platform,” said Binance in the mail.
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Nischal has approached Singapore High Court on behalf of Zettai seeking a <a href="https://www.cryptotimes.io/2024/09/11/nischals-proposal-to-wazirx-users-its-my-way-or-highway/" rel="noopener noreferrer nofollow">six month moratorium</a> post the WazirX. After the July 18 hack of WazirX exchange, Shetty had claimed that there is an ongoing legal dispute between Zanmai and Binance over the ownership of the platform where<a href="https://www.cryptotimes.io/2024/09/02/nischal-says-wazirx-not-responsible-for-crypto-funds/" rel="noopener noreferrer nofollow"> none of the parties</a> are interested to take over.
Shetty claimed that his Singapore based company Zettai was holding users’ crypto funds <a href="https://www.cryptotimes.io/2024/09/18/2-months-to-wazirx-hack-why-crypto-is-a-hush-hush-affair-in-india/" rel="noopener noreferrer nofollow">“in protest”</a> and it is Binance’s responsibility to take care of users. A sales deal between WazirX and Binance in 2019 had gone rogue after which both parties have gotten involved in legal disputes.
This ongoing tussle between Zettai/Zanmai and Binance has left 4.4 million Indian users of WazirX in limbo as they await return of their locked funds, the possibility of which is diminishing day by day.
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 Also Read:<a href="https://www.cryptotimes.io/2024/09/19/hopeless-wazirx-users-now-turn-to-singapore-chief-justice/" rel="noopener noreferrer nofollow"> Hopeless WazirX Users Now Turn To Singapore Chief Justice</a>
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“Not Our Circus, Not Our Monkeys”, Binance to WazirX user asking Rs 83 Cr

The Crypto Times

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