Binance Will Give 1,909 ETH to XIRTAM Project Victims

Binance will compensate traders who lost ETH on the XIRTAM project exchange. (Photo; Doc.Tradingview)

JAKARTA - Binance, one of the leading cryptocurrency exchanges, has announced a refund program for victims of the XIRTAM project. The announcement comes after a raid by the FBI on the former CEO of FTX Bahamas, which impacted a number of crypto asset buyers on the exchange.

Knowing this, Binance intends to distribute around 1,909 Ether which was previously recorded by the XIRTAM team when traders sold assets on the exchange. The company explained that its security team is currently evaluating the project's on-chain activity to identify affected victims.

Binance's security team has identified more than 1,750 victim addresses believed to have participated in the initial XIRTAM token sale. However, Binance emphasized that victims who purchased XIRTAM on the secondary market or through third parties will not be eligible for this refund program.

Binance stated, "If you purchased XIRTAM on the secondary market or through a third party, we cannot guarantee a refund at this time, as we do not own the funds you paid for the XIRTAM token sale. For those who participated in the official token sale, we will review the activity You."

However, Binance has the authority to determine the refund process and evaluate whether or not victims deserve compensation to avoid confusion.

Binance's decision to launch the XIRTAM redress program is in line with recent attention to regulation in the crypto industry. At the same time, crypto investors are reminded to be careful when transacting on the secondary market and always obtain sufficient information about crypto projects before investing.