CoinSwitch-Unveils

₹600 Crore Recovery Plan: CoinSwitch Aims to Help WazirX Users Reclaim Their Lost Funds

 

A leading crypto platform, CoinSwitch, has launched a new recovery program called CoinSwitch Cares for WazirX users affected by a cyberattack in July 2024. This initiative aims to help recover approximately ₹600 crore for those who lost their funds during the hack.

The CoinSwitch recovery program addresses a significant gap in the Indian crypto ecosystem by providing relief to users who are in dire financial need. Since the WazirX wallet hack was reported in July 2024, over ₹1,900 crores have been reportedly lost, leaving many users in financial distress. CoinSwitch's new effort includes a comprehensive financial reward package, revenue redistribution, and additional recovery programs to assist the affected users.

 

How the Recovery Program Works

 

WazirX users who are eligible can participate in the CoinSwitch Cares program by fulfilling KYC on the platform and uploading their loss statements to the CoinSwitch Care portal. After the verification process, they can deposit funds into their CoinSwitch accounts in either INR or cryptocurrency. Users will also be rewarded with sign-up bonuses of up to ₹15,000 and referral bonuses of up to ₹10,000.

The redistribution of the trading revenue is one feature that will stand out about this recovery plan. CoinSwitch will pool together all revenues generated from new users participating in the program and redistribute them to affected users according to their losses. Affected users can expect their funds to be gradually recovered over the next two years, with a full recovery depending on the performance of the crypto market.

 

A unique approach to rebuilding trust

 

CoinSwitch's strategy ensures regaining user confidence in the crypto market, particularly after the major blow from the WazirX cyberattack. Ashish Singhal, a co-founder of the company, stressed that rebuilding trust in the crypto community was now essential, especially when Indian users have lost heavily from their investments. According to Singhal, CoinSwitch Cares will enable a practical and realistic solution for users to regain whatever investment from this incident and return to the crypto market with renewed confidence.

Many quarters have received the program positively, while others are not convinced of its efficiency. But in this respect, CoinSwitch Cares clearly demonstrates the support towards the users during this crucial phase of recovery for the crypto market.

 

Going forward

 

This program comes at a very important time when the crypto market shows signs of recovery. The initiative by CoinSwitch ensures that affected WazirX users can participate in the market's positive momentum while working towards recovering their lost funds.

The CoinSwitch Cares initiative runs for two years, which allows users enough time to recover and benefit from a potential market uptrend. With CoinSwitch trying to help the Indian crypto community heal from damages caused by this hack, this stands as an example of the powerful recovery efforts possible in the crypto space when executed by the community.