XIRTAM’s Fund Theft and Binance’s Swift Response

XIRTAM’s Fund Theft and Binance’s Swift Response

In
the cryptocurrency world where quick profits are tempting, scams like the
XIRTAM rug pull have left investors vulnerable. However, Binance, a leading
crypto exchange in terms of trading volume, is taking steps to enhance user
security and transparency, addressing these concerns.

Binance’s Role in Detecting Suspicious Activity

In
early May 2023, a project called 'XIRTAM’ was used to steal a significant amount
of funds from its investors. Following the theft, XIRTAM was a process to attempt to deposit
approximately 1,909 Ether (ETH) into a Binance.com account. Binance detected
the suspicious activity and promptly froze the account and the deposited funds,
preventing the XIRTAM team from accessing the funds.

Binance’s Efforts to Assist Victims

Binance’s
security team conducted a thorough analysis of XIRTAM’s activities, according to the exchange, to identify
victims and assess their net losses. They aimed to facilitate a refund of the
frozen funds for the victims. They initiated the recovery process of over 1,750
victim addresses as an act of goodwill. Users, who participated in an official
XIRTAM token sale, whether public or private, may be eligible for a refund.

Only
token sale investors who obtained XIRTAM tokens directly from the project team
are considered eligible for a refund. Those who purchased XIRTAM tokens on the
secondary market or through third parties may not be eligible. Binance
is still reviewing the activity of users who participated
in an official token sale but were not initially deemed eligible for a refund.

Binance
retains the sole discretion to determine the refund process, criteria, and
eligibility for claims. They also hold the right to determine the refund
amount. They emphasize that they are not responsible or liable for any claims,
losses, or matters arising from the actions of XIRTAM or the refund process.
This includes the eligibility determination and refund amount.

Mastercard Terminates Binance Partnership

Mastercard is ending its partnership with
Binance following similar actions by Visa in July. The termination affects
Binance-branded card offerings in Latin America and the Middle East, where
users can make cryptocurrency-based purchases. This decision reflects growing
apprehension among traditional financial institutions regarding Binance, driven
by concerns over financial compliance and increased regulatory scrutiny in the
cryptocurrency sector.

Less than 1% of Binance users in the affected regions
will be impacted, with a deadline of September 21, 2023, to use their cards.
However, Binance reassures users that they can continue to use Binance Pay, its
secure cryptocurrency payment system. The move aligns with Binance’s ongoing
regulatory challenges, including charges by the U.S. SEC for alleged
mishandling of customer and company funds.

The announcement of the XIRTAM refund procedure led to Binance’s response to the incident to refund victims as well as the eligibility criteria for those seeking refunds. It
underscores the importance of participating in official token sales and
conducting due diligence when engaging in cryptocurrency transactions to
mitigate risks.

This article was written by Tareq Sikder at www.financemagnates.com.

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