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Binance has firmly rejected any claims of involvement in the recent cyber-attack on the Indian exchange WazirX, asserting that it has never controlled the platform or the compromised wallet. In a blog post dated September 17, Binance addressed the situation, emphasizing that it has never owned, managed, or operated WazirX at any point, including before, during, or after the attack that occurred in July 2024.
The exchange took particular aim at WazirX co-founder Nischal Shetty, criticizing him for making misleading statements that appeared to shift blame for the incident. The attack specifically targeted a wallet overseen by WazirX in conjunction with a third-party custodian, Liminal. Binance’s statement seeks to clarify its position and distance itself from any responsibility for the breach.
“[…] [Nischal Shetty] is trying to deflect the blame and claim that Binance may somehow be responsible for the losses suffered by WazirX users and creditors as a result of the cyber-attack. This is false, and any suggestion of the sort is outrageously misleading.”
Binance
Binance distances from WazirX’s downfall
While Binance had previously offered technological solutions to WazirX, it has categorically denied any responsibility for the fallout from the recent cyber-attack. The exchange emphasized that after the failed acquisition deal, which resulted in WazirX’s funds being withdrawn from its platform, the decision to engage Liminal as a custody provider was made solely by WazirX’s co-founders, Nischal Shetty and Zettai, without any consultation with Binance.
The July 18 cyber-attack resulted in a staggering loss of $235 million for WazirX, significantly impacting the exchange and prompting it to pursue a Scheme of Arrangement in Singapore, a restructuring process under local insolvency laws. An independent audit conducted by Grant Thornton later concluded that there was no evidence linking Liminal Custody’s infrastructure to the hack that caused such extensive financial damage.
