CoinSwitch, a leading cryptocurrency platform in India, has unveiled a ₹600 crore recovery initiative, dubbed “CoinSwitch Cares,” to support users affected by the WazirX cyberattack that occurred in July 2024. This unprecedented programme aims to assist over four million impacted crypto investors in recovering their losses, which amounted to more than $230 million.
The cyberattack on WazirX, one of India’s prominent cryptocurrency exchanges, led to significant disruptions, leaving millions of users unable to access their funds. In response, CoinSwitch has stepped forward to offer a recovery pathway, allowing affected users to estimate their losses and transition their accounts to the CoinSwitch platform. Once WazirX releases the frozen funds, CoinSwitch will credit the equivalent amount to users’ accounts.
Full Recovery Within Eight Months
CoinSwitch emphasized that the initiative, which is open for two years, is designed to help most impacted users recover 100% of their losses within eight months of the release of funds by WazirX. The programme also seeks to encourage affected investors to remain engaged in the crypto market and capitalize on the ongoing price-driven market upswing.
A Unique Reward System
To further incentivize users, CoinSwitch has introduced a reward mechanism as part of the recovery programme. Eligible participants will need to upload their WazirX account statements for verification. Once verified, users can benefit from two types of rewards:
- Assured Signup Rewards
Eligible users can earn up to 10% of the funds deposited through the initiative over a two-year period. - Revenue Redistribution Rewards
CoinSwitch will allocate the trading revenue generated from this programme into a pool. The pooled amount will then be distributed proportionally among affected users based on their verified losses.
A Bold Step for Market Recovery
This bold recovery programme marks a significant step in addressing the aftermath of one of the most severe cybersecurity breaches in India’s cryptocurrency market. By providing users with a structured recovery process, CoinSwitch aims to restore trust in the industry and foster long-term engagement in digital asset investments.
The programme underscores CoinSwitch’s commitment to supporting the crypto community during challenging times, offering a glimmer of hope for millions of investors impacted by the WazirX breach. As the funds are gradually released and redistributed, the initiative is expected to have a lasting impact on rebuilding confidence in India’s burgeoning crypto sector.
