Binance lost users Bitcoin because they converted the address provided by the user to a different address (which they thought was supportive of the Taproot fork of Bitcoin) and ended up burning all the funds by sending it to a wrong address. Now saying that it was users fault.
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Taproot is a soft-fork which was introduced to the Bitcoin network on 14th Nov (last month). Binance made an announcement saying that they would support the Bitcoin Taproot upgrade for all withdrawals and deposits.
“Binance will handle all technical requirements involved for all users holding BTC in their Binance accounts.”
(Source:https://www.binance.com/en/support/announcement/8578eea0104f439c85f50fbdc99bf7c2)
Users tried to withdraw their funds to their PT2R address, Binance changed the address on their end to P2WSH address and transferred the funds to the newly created address- effectively burning Bitcoin of the users. They are also refusing to refund the lost bitcoin to the said users.
NO EXCHANGE should EVER change the address to a different address. They’ll just end up burning the assets of the customers.
submitted by /u/tanmay1010
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