Elliott Investment Management Takes Significant Stake in BP to Push for Value Growth 
OpenAI Sets $50 Billion Stock Grant Pool, Boosting Employee Equity and Valuation Outlook 
Infosys Shares Drop Amid Earnings Quality Concerns 
Aktis Oncology Prices Upsized IPO at $18, Raising $318 Million in Major Biotech Debut 
Vitol to Ship First U.S. Naphtha Cargo to Venezuela Under New Oil Supply Deal 
GM Takes $6 Billion EV Write-Down as Electric Vehicle Demand Slows in the U.S. 
Tempus AI Stock Soars 18% After Pelosi's Investment Disclosure 
Boeing 737 MAX 10 Advances in FAA Testing as Certification Delays Continue 
Investors Brace for Market Moves as Trump Begins Second Term 
U.S. Condemns China's Dominance in Global Shipbuilding and Maritime Sectors 
Federal Appeals Court Blocks Trump-Era Hospital Drug Rebate Plan 
Wall Street Rebounds as Investors Eye Tariff Uncertainty, Jobs Report 
Rio Tinto–Glencore Merger Talks Spark Investor Debate Over Value, Strategy and Coal Exposure 
China’s AI Sector Pushes to Close U.S. Tech Gap Amid Chipmaking Challenges 
Ferrari Group to Launch IPO in Amsterdam, Targets Over $1 Billion Valuation 
Hanwha Ocean Shares Rise on Plans to Expand U.S. Shipbuilding Capacity 
Mexico's Undervalued Equity Market Offers Long-Term Investment Potential 
Binance takes decisive action, launching a refund process for victims of the XIRTAM rug pull scam in May, which led to a loss of over $3 million or 1,909 ETH for unsuspecting investors.
Fortunately, the ill-gotten gains were stored in an account on Binance, which froze it after the rug pull tactic was uncovered. XIRTAM was an educational project allowing users to build their reputation using the decentralized XIRTAM ecosystem.
Originally, this was funded by CultDAO, but it was able to raise more than 1,900 ETH in user deposits. After securing the huge deposits in the fundraising round, the XIRTAM developers abruptly and deliberately abandoned the project and drained the deposited value from the contract. The scammers deposited the stolen ETH on Binance, and these assets were immediately frozen.
Given this, CoinTelegraph reported that Binance will return the funds to the investors victimized by the rug pull stunt. The crypto exchange firm said it has launched a smart contract to initiate the refund process.
Binance explained that before deciding to refund, it launched an investigation after receiving several reports regarding the XIRTAM scam. It has taken action and suspended the funds to prevent the scammers from accessing the account.
“In early May 2023, a project using the name “XIRTAM” stole a large sum from its investors and subsequently deposited an estimated 1,909 Ether (ETH) to a Binance.com account. Binance promptly froze the account and the funds deposited, preventing the project team from accessing them,” Binance wrote in its announcement for the refund.
The crypto exchange firm added, “Following this incident, Binance’s security team had worked diligently to analyze the project’s activities and identify victims, including their net losses, in order to facilitate a refund of the frozen funds. Today, as a matter of goodwill, we have launched the recovery process for over 1,750 victim addresses.”
Finally, Binance said that all users who joined the official XIRTAM token sale, both public and private, may be entitled to a refund. They must check their eligibility by following the company’s official guide that involves registration.
Photo by: Kanchanara/Unsplash
