Crypto Updates

XIRTAM’s Fund Theft and Binance’s Swift Response


the cryptocurrency world where quick profits are tempting, scams like the
XIRTAM rug pull have left investors vulnerable. However, Binance, a leading
crypto exchange in terms of trading volume, is taking steps to enhance user
security and transparency, addressing these concerns.

early May 2023, a project called ‘XIRTAM’ was used to steal a significant amount
of funds from its investors. Following the theft, XIRTAM was a process to attempt to deposit
approximately 1,909 Ether (ETH) into a account. Binance detected
the suspicious activity and promptly froze the account and the deposited funds,
preventing the XIRTAM team from accessing the funds.

Binance’s Efforts to Assist Victims

security team conducted a thorough analysis of XIRTAM’s activities, according to the exchange, to identify
victims and assess their net losses. They aimed to facilitate a refund of the
frozen funds for the victims. They initiated the recovery process of over 1,750
victim addresses as an act of goodwill. Users, who participated in an official
XIRTAM token sale, whether public or private, may be eligible for a refund.

token sale investors who obtained XIRTAM tokens directly from the project team
are considered eligible for a refund. Those who purchased XIRTAM tokens on the
secondary market or through third parties may not be eligible. Binance
is still reviewing the activity of users who participated

Click Here to Read the Full Original Article at CryptoCurrency – Finance Magnates | Financial and business news…