Binance Now Empowers XIRTAM Victims To Reclaim Stolen Crypto

Key Points:

• Binance aids users hit by the XIRTAM rug pull, facilitating fund recovery.
• The XIRTAM scheme directly deposited funds on Binance; the exchange acted swiftly.
• Users can verify to reclaim assets until August 2; the incident underscores vigilance in decentralized systems and crypto security.

Binance, the leading crypto exchange, has launched a program to aid users affected by the XIRTAM project’s rug pull. The initiative offers damaged users the opportunity to reclaim their funds following the fraudulent incident.

On May 3, the XIRTAM project, a reputation-building platform promoting decentralized and anonymous interactions, suffered a significant blow when its operators executed a rugpull scheme.

Instead of the typical tactic of using crypto-mixing services to obfuscate the stolen funds, the culprits directly deposited the ill-gotten gains on Binance.

Upon discovering this breach, exasperated users sought assistance from Binance, prompting the exchange to respond promptly.

In a statement, Binance assured affected users of their commitment to resolving the issue and their cooperation with law enforcement agencies for a thorough investigation.

As of July 3, the exchange has announced a redemption program, allowing victims to apply for asset returns. Eligible users need to submit relevant information through a dedicated form before August 2, 2023.

Once accounts are verified, the Binance security team will facilitate the return of the corresponding ETH assets using a secure smart contract address.

The rugpull incident underscored the risks associated with decentralized platforms, where trust is built through reputation rather than conventional KYC processes.

It serves as a cautionary tale for users participating in such ecosystems to remain vigilant and cautious, as anonymity can sometimes lead to vulnerabilities.

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