Binance, one of the largest cryptocurrency exchanges, has taken action to reimburse users affected by the Xirtam rug pull. In an announcement on Sept. 6, Binance revealed that a smart contract has been created to automate the reimbursement process.
How to Claim Your Money
If you were impacted by the Xirtam rug pull, you can receive your money by following these steps:
- Connect your wallet to Etherscan
- Pass a verification check
- Call the claim function through the contract address
It's important to note that users must have submitted their applications by Aug. 2 in order to be eligible for recovery.
Binance has been proactive in addressing the Xirtam incident, freezing the suspected fraudulent funds in their account and launching an investigation. In their previous statement, the exchange expressed their understanding of the seriousness of the problem and urged affected users to be patient while they work to resolve the issue.
The Xirtam Rug Pull
Xirtam, an Arbitrum-based project, managed to raise approximately 1,909 Ether (equivalent to $3.2 million) in user deposits through various funding rounds. This included direct initial coin offerings and community sales via liquidity bootstrapping pools.
The rug pull occurred shortly after a scheduled Xirtam token initial airdrop offering (IAO) was canceled by decentralized exchange AlienFi. The cancellation came after the discovery of an undisclosed Xirtam seed sale at a price significantly lower than the negotiated price. Remarkably, the IAO was called off just minutes before its scheduled start.
In the aftermath of raising funds, the project owners executed a rug pull, draining all assets from the Xirtam smart contract. However, the stolen assets were directly deposited into Binance, which prompted the exchange to freeze them on May 4. Notably, there was no attempt to launder the funds using mixers or bridging services prior to depositing them onto Binance.
If you were affected by the Xirtam rug pull, make sure to complete the necessary steps to claim your money. Binance's automated smart contract aims to streamline the reimbursement process and provide affected users with a swift resolution to this unfortunate incident.
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