Binance will help victims of XIRTAM fraud get their money back
Binance will help victims of XIRTAM fraud get their money back
Cryptocurrency exchange Binance has announced the launch of a program to return funds to users affected by the XIRTAM project.
On May 3, the operators of XIRTAM, a reputation-building platform that promotes decentralized and anonymous interactions, took advantage of the Rug Pull scheme. However, instead of using a cryptocurrency mixing service to hide the stolen funds, they directly deposited them on Binance, according to Coincu.
After discovering the fraud, the affected users sought help from Binance, which immediately took action.
In a statement, Binance assured affected users of its interest in resolving the issue and cooperating with law enforcement for a thorough investigation.
The exchange also announced a redemption program that allows victims of fraud to apply for asset recovery. Once the accounts are verified by Binance's security team, the exchange will return the ETH assets in question via a secure smart contract address.
The XIRTAM incident highlighted the risks associated with decentralized platforms, where trust is built on reputation rather than traditional identity verification processes.
Other news: Stellar launches a new payment platform.
