The recent hack incident of cryptocurrency exchange WazirX has reignited tensions within the crypto community and increased scrutiny on the unresolved ownership dispute between WazirX and Binance. As affected users demand clarity, a segment of WazirX customers is calling on Binance to directly address the situation, particularly its alleged ties to WazirX, despite Binance’s leadership consistently denying any legal association with the Indian exchange.
WazirX Hack: Catalyst for Demands on Binance
The security breach on WazirX, which allowed hackers to drain $230 million in cryptocurrencies, has raised serious concerns among the platform’s users.
Although WazirX has been working to mitigate the impact of the hack, the broader crypto community is now focused on the ongoing ownership dispute between WazirX and Binance, the world’s largest cryptocurrency exchange.
A Crypto X account dedicated to opposing WazirX in the wake of the hack and controversial restructuring decisions posted a statement urging Binance to provide clarity regarding its ties to WazirX.
The account highlighted Binance’s reputation as the top crypto trading platform globally and one of the most secure but pointed to the ongoing legal battle between Binance and WazirX in Singapore, calling for Binance to issue a fresh statement.
The account also proposed that Binance hold a live session with crypto influencer CryptooAdy to directly address user concerns and provide transparency on this conflict.
Binance’s Denial of Ownership vs Legal Reality
The ownership battle between Binance and WazirX has been a contentious issue since 2019. Binance originally announced the acquisition of WazirX that year, but in August 2022, Binance’s former CEO Changpeng Zhao (CZ) publicly denied that Binance ever completed the deal.
According to Zhao, Binance never gained control of WazirX’s core operations or systems, and the transaction had not gone through as originally planned.
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