India’s top crypto exchange WazirX said Binance conducted the initial exchange offering (IEO) for its WRX token and still controls the token supply.
In a May 16 statement, the WazirX team clarified the token’s management, saying Binance kept all the proceeds from the IEO — about $2 million — for itself.
“It is important to note that the WazirX team hasn’t received any token allocations,” the team said.
WazirX said all the wallets containing locked and unlocked WRX tokens are controlled by Binance. It added that Binance held unlocked the WRX tokens in its account and that the Changpeng ‘CZ’ Zhao-led exchange conducted its quarterly burns.
Binance allegedly holds 580M WRX tokens
According to the WazirX team, Binance currently holds 580.7 million units of locked and unlocked WRX tokens — worth roughly $74.5 million at the current price of the token.
Of the unlocked tokens, Binance moved 116.8 million WRX tokens to its treasury in four transactions between April 2021
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