Binance's big statement, WazirX Hack is not responsible

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The $230 million WazirX theft was not caused by Binance, according to the company. This criticism follows the statement made by Nischal Shetty, the co-founder of WazirX, in which he urged that Binance pay the impacted users' fees.

Binance made it clear in a statement issued on September 17 that it was not involved in WazirX's operations during the July 18 breach. Additionally, Binance said that it was not yet in possession of WazirX's parent business, Zettai Pte Ltd, and as such, it bears no liability for the incident.

Nischal Shetty was accused by Binance of making "misleading statements," claiming that he was doing so to escape accountability. The breach, which involved no assistance from Binance, targeted multisignature wallets run by WazirX and Liminal.

On August 27, Zettai PTE Limited filed a plea for a stay in Singapore's High Court in an attempt to obtain legal protection. Shetty acknowledged in court that the hack had destroyed over half of WazirX's assets. Binance claimed that despite his attempts to confirm the attack and support WazirX, his efforts were disregarded and WazirX had not supplied any details on the event.

WazirX presented a reorganisation plan on September 16 at a town hall meeting, in which users would lose 45% of their investment. The situation was exacerbated by the exchange's announcement that it would not distribute any previous profits to the impacted users.