Binance has created a smart contract to reimburse users affected by the $3 million rug-pull. After the rug-pull, Xirtam scammers deposited the stolen funds directly into Binance, causing the exchange to freeze assets.
Cryptocurrency exchange will refund victims of Xirtam!
Binance took action to refund users after the Xirtam rug-pull events. Accordingly, the exchange created an automated smart contract. According to an announcement made on September 6, users affected by the Xirtam scam will go through a verification check by linking their wallets to Etherscan. It is then possible for users to get their money by calling the claim function via the contract address. Users must have submitted their application by August 2 to be eligible for recovery.
Binance previously said, “We have received several reports of XIRTAM events. We are fully aware of the seriousness of the problem,” he wrote. In addition, he provided the following information:
An investigation was initiated and immediate action was taken. Suspicious scam funds are frozen in Binance account. Thank you for your patience and understanding as we try to resolve this issue.
The history of the Xirtam rug-pull event and the Binance affair
As you follow on Kriptokoin.com, Arbitrum-based Xirtam raised approximately 1,909 Ethereum ($3.2 million) from user deposits through a series of funding rounds in April. These included two direct initial coin offerings and two community sales via the Fjord Foundry liquidity boot pools and SushiSwap liquidity pools. In one example, a planned Xirtam token initial airdrop offer (IAO) was canceled by Arbitrum-based decentralized exchange (DEX) AlienFi following the discovery of an undisclosed Xirtam seed sale well below the bargain price. The IAO was canceled just five minutes before its scheduled start date.
After raising the capital, the project owners organized a rug-pull that dumped all assets in the Xirtam smart contract. However, they deposited all funds directly on the Binance exchange. This caused the exchange to freeze the assets stolen by the scammers on May 4. The scammers did not use any mixer or bridge services to launder funds before depositing them with Binance. When we reached the final stage, the cryptocurrency exchange made the following statement about reimbursing the funds to the victims:
Updates on XIRTAM related topics: Thank you for your interest in the progress of XIRTAM asset return. Created a smart contract for the respective entities. You can check Claim contract information through XIRTAM Returns Guide and follow the guide to run and check related information. If you have any problems, you can fill in the information to dispute at the end of this guide.
https://twitter.com/binancezh/status/1699302863254818826
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