Crypto Analyzer

Binance Initiates XIRTAM Refund Process for Defrauded Investors

In a move to uphold its reputation and protect its users, Binance, one of the world’s leading cryptocurrency exchanges, has announced the commencement of a refund process for victims of the XIRTAM scam.

Earlier in May 2023, the XIRTAM project allegedly defrauded its investors, amassing an estimated 1,909 Ether (ETH) which was subsequently deposited into a account. Acting swiftly, Binance froze the account and the associated funds, ensuring the project team could not access the ill-gotten gains.

Binance’s security team has since been working tirelessly to scrutinize the project’s activities, aiming to pinpoint victims and determine their net losses. As of today, Binance has identified over 1,750 victim addresses and has initiated the recovery process.

Victims who participated in any official XIRTAM token sale, whether public or private, might be eligible for a refund. Binance has provided an official guide, available in both English and Chinese, to assist users in confirming their eligibility and claiming their refund. The guide can be accessed here.

It’s crucial to highlight that only those who invested directly in the XIRTAM token sale will be considered for a refund, as the 1,909 ETH was sourced from these investors. Those who acquired XIRTAM tokens on secondary markets or through third parties might not be eligible for compensation, given that Binance does not hold the funds from these sales.

Binance has emphasized that while they are making every effort to ensure a fair refund process, they retain the right to determine the refund criteria, eligibility, and amount. The exchange has also disclaimed any responsibility or liability related to the actions of XIRTAM or any outcomes arising from the refund exercise.

For those with queries or concerns, Binance encourages users to refer to the provided guide and submit detailed inquiries about their investments or losses. The exchange has committed to reviewing each case and providing timely feedback.

This move by Binance underscores the exchange’s commitment to user protection and its proactive stance against fraudulent activities in the cryptocurrency space