In a significant move towards safeguarding the interests of cryptocurrency investors, Binance, one of the world’s largest cryptocurrency exchanges, has taken decisive action following an unfortunate incident involving the project known as “XIRTAM.” The project, which attracted investments from individuals looking to participate in the world of cryptocurrencies, left a trail of victims after it allegedly stole a substantial sum of money from its investors. Here’s what transpired and how Binance is stepping up to assist affected users.
The XIRTAM Scam Unveiled
In early May 2023, the cryptocurrency community was rocked by the news of a project using the name “XIRTAM” that allegedly executed a fraudulent scheme, resulting in significant financial losses for its investors. The project purportedly absconded with a substantial sum of cryptocurrency funds, leaving investors in distress.
#Binance opens XIRTAM refund claims for victims.
Our security team worked diligently to analyze the project’s activities and identify victims and launched the recovery process for over 1,750 victim addresses today.
Read more here ⤵️https://t.co/T23pc4xhwe
— Binance (@binance) September 7, 2023
However, shortly after the incident came to light, it was discovered that the XIRTAM project had deposited approximately 1,909 Ether (ETH) into an account on Binance.com. This presented a unique opportunity for restitution and justice.
Binance’s Swift Response
Recognizing the severity of the situation and the need to protect affected users, Binance’s security team acted promptly by freezing the XIRTAM-associated account and the deposited funds. This decisive action prevented the project team from accessing the ill-gotten gains, preserving the funds for potential refunds.
In the aftermath of these events, Binance’s security experts have been working tirelessly to investigate XIRTAM’s activities thoroughly. Their primary objective has been to identify victims, quantify their net losses, and ultimately facilitate the return of the frozen funds to those who were affected.
A Ray of Hope: The Refund Process
Today, Binance has taken a significant step toward resolving this unfortunate situation by launching a recovery process for over 1,750 victim addresses. Users who participated in an official XIRTAM token sale, whether it was a public or private offering, may be eligible for a refund.
To determine your eligibility and initiate the refund process, Binance has provided an official guide, available in both English and Chinese. It’s essential for affected users to follow these guidelines meticulously to ensure a smooth refund experience.
However, it’s crucial to note that the funds recovered by Binance originate from XIRTAM’s token sale investors. Therefore, only those who participated in the official token sale will be considered for a refund.
Important Considerations
For individuals who acquired XIRTAM tokens on the secondary market or through third-party sources, Binance currently cannot guarantee a refund, as the exchange does not have access to the funds used for these transactions.
If you participated in an official token sale, and the provided guide indicates that you are not eligible for a refund, please be patient, as Binance may still be reviewing your activity.
It’s worth noting that Binance reserves the right to determine the refund process and criteria, as well as the eligibility and amount of refunds. The exchange also disclaims responsibility for any claims, losses, or matters arising from XIRTAM’s actions or related to this refund exercise.
Binance’s swift response and commitment to assisting victims of the XIRTAM scam underscore the importance of security and trust in the cryptocurrency industry. While this unfortunate incident serves as a reminder of the risks involved in the crypto space, it also highlights the significance of responsible and reputable platforms like Binance, which prioritize the protection of their users’ assets and interests. Continue Reading
Source: Binance Feed
