Binance Takes Action on XIRTAM Fraud Incident
Binance, a leading cryptocurrency exchange, has made significant progress in resolving the XIRTAM fraud incident that occurred in May 2023. The fraudulent XIRTAM project managed to defraud investors and deposit the stolen funds into a Binance.com account, where they were frozen. Binance has now started the refund process for over 1,750 affected addresses.
Understanding the Background and Analysis
In May 2023, the XIRTAM project made headlines for deceiving investors and transferring the stolen funds to a Binance.com account. Binance promptly froze the account and the associated assets, preventing the culprits from accessing the funds. Since then, Binance’s security team has been diligently investigating the project and identifying victims to assess their losses.
How to Claim Your Refund
Binance has launched the recovery process for more than 1,750 victims of the XIRTAM fraud as a goodwill gesture. If you participated in an official XIRTAM token sale, public or private, you may be eligible for a refund. To check your eligibility and initiate a refund claim, refer to Binance’s official guide, available in English and Chinese.
Refund Claim Guide
If you believe you are eligible for a refund, please follow Binance’s official guide: Refund Claim Guide.
It’s important to note that the 1,909 ETH frozen originated from XIRTAM’s token sale investors. Therefore, only participants in the official token sale will be considered for a refund.
Supported Contracts
Binance has identified the following contracts associated with XIRTAM:
Token Sale 1: 0x31eecf3f5c3ea2ee8ee7c0266a98e89f933a4b6b
Token Sale 2: 0x6c9cdd434d1c77c64fbc44f5c3ce1209cd53bc6a
Fjord Foundry LBP (Balancer): 0x67e0524739e59ca57ac27e520ea05d14cdb6015e
If you obtained XIRTAM tokens on the secondary market or through a third-party, it’s important to understand that Binance cannot guarantee a refund as they don’t have control over those funds. If you participated in an official token sale but are deemed ineligible for a refund, your case may still be under review.
Important Considerations
Binance has the sole discretion to determine the refund process, criteria, eligibility, and refund amounts. The exchange will not be held responsible for any claims, losses, or issues arising from XIRTAM’s actions or decisions made during the refund process.
Contact Binance for Inquiries
If you have any questions or concerns, refer to the guide for instructions on submitting an inquiry with detailed information about your investment and potential losses. Binance’s support team will review your case and provide further assistance. Binance appreciates the continued support of its users as it works to resolve the XIRTAM incident.
Hot Take
Binance’s swift action against the XIRTAM fraud demonstrates its commitment to protecting investors and maintaining the integrity of the cryptocurrency market. By freezing the assets and initiating the refund process, Binance sends a strong message that fraudulent activities will not be tolerated. This incident highlights the importance of due diligence when participating in token sales and reinforces the need for exchanges to prioritize security measures. As the crypto industry evolves, exchanges must continue to stay vigilant and proactive in safeguarding user funds.
By
By
By
By