Binance Launches Smart Contract Solution for Xirtam Rug Pull Victims, Freezes Stolen Funds
Summary:
Binance creates an automated smart contract for users affected by the Xirtam rug pull incident, allowing them to reclaim their funds. The deadline for submitting applications is August 2. Investigation launched and fraudulent funds frozen by Binance. Xirtam raised $3.2 million in user deposits and experienced a canceled token offering. Assets directly deposited into Binance and frozen. No money laundering involved.
Binance, a leading cryptocurrency exchange, has developed an automated smart contract to compensate users affected by the Xirtam rug pull incident. As per the recent announcement on September 6, individuals impacted by the rug pull can reclaim their funds by connecting their wallets to Etherscan, undergoing a verification process, and utilizing the contract address to initiate the claim function. The deadline for submitting applications for recovery was August 2. In response to the Xirtam incidents, Binance swiftly launched an investigation and froze the suspected fraudulent funds in their account. Xirtam, which raised approximately 1,909 Ether ($3.2 million) through various funding rounds, experienced a canceled token airdrop offering on the Arbitrum-based decentralized exchange, AlienFi, due to an undisclosed seed sale discrepancy. The rug pull occurred immediately after the project owners secured capital, resulting in the depletion of all assets from the Xirtam smart contract. However, the stolen assets were directly deposited into Binance, leading the exchange to freeze them on May 4. Notably, no money laundering measures were employed prior to the funds' deposit onto Binance.
Published At
9/6/2023 7:00:00 PM
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