Victims of PopcornSwap Exit Scam Accuse Binance of Not Doing Anything

Users have accused Binance of failing to act in response to the PopcornSwap project’s exit scam that has caused damage amounting to nearly $15 million at current prices.

A member of the community using the pseudonym Neonmatrixbox has accused the famous cryptocurrency exchange of acting contrary to its own “customer first” principle in this incident.

The PopcornSwap project team embezzled 48,000 BNB (around $2.2 million at the time) in January 2021.

Binance did freeze these funds, but made no effort to compensate the victims.

According to Neonmatrixbox, the lack of action was a result of their centralized nature which is against the values maintained by Binance.

The investor has also noted that the exchange did not reach out in regard to the incident, despite the attempts from investors to contact the support, CEO Changpeng Zhao, and reputable lawyers, among other channels.

He has added that the exchange has the possibility of returning the stolen funds, given its BNB burn mechanism which could be used to unlock the coins and then reissue them to cover the damage.

The investors declared that they had already conducted their own audit to ascertain the exact number of victims and the amounts due to them, leaving little need for Binance