Binance, one of the world’s leading cryptocurrency exchanges, has taken significant steps towards resolving the XIRTAM fraud incident that unfolded in early May 2023. The XIRTAM project, which defrauded investors of a substantial sum, saw its ill-gotten gains totaling approximately 1,909 Ether (ETH) frozen in a Binance.com account. Today, Binance has announced the commencement of the refund process for over 1,750 affected addresses.
Background and Analysis
In May 2023, the fraudulent XIRTAM project made headlines by duping investors and depositing the stolen funds into a Binance.com account. Binance acted swiftly by freezing the account and the associated assets, preventing the project’s culprits from accessing the funds. Since then, Binance’s security team has been diligently investigating the project’s activities and identifying victims, specifically assessing their net losses.
As a goodwill gesture, Binance has launched the recovery process for more than 1,750 victims of the XIRTAM fraud. Individuals who participated in any official XIRTAM token sale, whether public or private, may be eligible for a refund. To determine your eligibility and initiate a refund claim, consult Binance’s official guide, which is available in both English and Chinese languages.
Refund Claim Guide
For those potentially eligible for a refund, please follow the official guide provided by Binance: Refund Claim Guide.
It’s crucial to understand that the 1,909 ETH in question originated from XIRTAM’s token sale investors. Consequently, only individuals who participated in the official token sale will be considered for a refund.
Claim Contract, Source: Etherscan
Binance has identified the following contracts associated with XIRTAM:
Token Sale 1: 0x31eecf3f5c3ea2ee8ee7c0266a98e89f933a4b6b
Token Sale 2: 0x6c9cdd434d1c77c64fbc44f5c3ce1209cd53bc6a
Fjord Foundry LBP (Balancer): 0x67e0524739e59ca57ac27e520ea05d14cdb6015e
If you acquired XIRTAM tokens on the secondary market or through a third-party, it’s important to note that Binance cannot guarantee a refund at this time since they do not possess the funds used for those transactions. If you participated in an official token sale but the guide suggests you’re not eligible for a refund, it’s possible that your case is still under review.
Binance retains the sole and absolute discretion to determine the refund process, criteria, eligibility, and refund amounts. The exchange will not be held responsible or liable for any claims, losses, or issues arising from XIRTAM’s actions or any decisions made regarding this refund process.
Contact and Inquiry
Should you have any questions or concerns, please refer to the guide for instructions on submitting an inquiry with detailed information about your investment and potential losses. Binance’s support team will review your case and provide follow-up assistance.
Binance remains committed to addressing the fallout from the XIRTAM incident and appreciates the continued support of its users.
Image source: Shutterstock
This article was originally reported on Blockchain News.