Cryptocurrency exchange WazirX: Binance controls and holds all IEO proceeds of approximately $580 million WRX, and has not conducted any burn for 5 consecutive quarters

2023-05-17 08:59:59

Collection

ChainCatcher news, Indian cryptocurrency exchange WazirX tweeted to clarify the incident regarding Binance controlling the WRX token.

When Binance conducted the IEO for WRX, all sales proceeds from the WRX IEO (i.e., 108,401 BNB tokens valued at $2 million) were collected and retained by Binance. Binance currently holds a total of $580.78 million in WRX tokens, and the WazirX team has not received any token allocation.

Binance is responsible for the quarterly WRX token burns. Binance executed the last WRX burn event (the 7th burn) on March 9, 2022, for the quarter from October to December 2021. Binance has not conducted any quarterly burns in the past five quarters (i.e., since January 2022).

Previously in January, Binance sent a letter to WazirX requesting that WazirX publish a pre-written "clarification statement" retracting the statement made by WazirX co-founder Nischal Shetty regarding Binance owning WazirX. Additionally, Binance requested WazirX to remove all mentions of Binance from its terms of service, or else Binance may terminate its service agreement with WazirX before February 3. (Source link)

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WazirX WRX Binance

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