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The dispute between Binance and WazirX has intensified, with users demanding accountability from both platforms. Allegations of frozen funds, hacking incidents, and regulatory scrutiny have fueled the controversy.
Binance CEO Changpeng Zhao (CZ) expressed his concern on social media, noting his limited ability to act while facing legal challenges in the United States. His tweets sparked a debate about user protection and platform responsibility.
Read also: WazirX’s Tarnished Reputation: A $230M Hack and a Botched Response
CZ reminded users of his previous advice to transfer funds from WazirX to Binance. He stated that users with funds on WazirX should move them to Binance. He explained that while Binance could disable WazirX wallets, it chose not to to avoid harming users.
This follows an investigation by India’s Enforcement Directorate (ED), which froze WazirX assets over suspected violations of foreign exchange regulations.
Although Binance has been linked to WazirX as a partner, the nature of their relationship remains unclear, increasing tension between the platforms.
Users Call for Transparency Amid Allegations
Crypto influencer Aditya Singh questioned Binance’s alleged freezing of $17 million in user funds. He demanded clarity from CZ, reflecting frustration within the user community. This frustration grew after a recent WazirX hacking incident that compromised user assets.
The situation has also spilled into the upcoming India Blockchain Week (IBW) event, scheduled for December 4-5, 2024, in Bangalore, where Pi42 Exchange’s sponsorship has sparked a public outcry.
If you’re a WazirX victim, it’s time to act!
— Justice for WazirX Users (@IndiasCrypto) November 29, 2024
Nischal new company @pi42exchange is attending @IBWofficial on December 4-5 in Bangalore. They’re indirectly using our money to sponsor this event while refusing to compensate us from their profits. Instead, they’re busy promoting…
Critics argue that Nischal Shetty, co-founder of Pi42 and former WazirX executive, along with Mahin Gupta, a former WazirX security advisor, present a conflict of interest. Users claim Pi42 indirectly benefited from the WazirX hack and demand the exchange’s removal from the event.
Social media campaigns have intensified, with allegations that IBW is endorsing a platform implicated in the WazirX controversy. Hacking victims see Pi42’s participation as a betrayal, increasing demands for transparency and accountability.
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