The Program Gives Crypto Community an Opportunity to Recoup Their Losses from the Alleged Cyberattack on WazirX in July 2024
CoinSwitch, India’s leading crypto platform with over 2 crore users, announces ‘CoinSwitch Cares,’ a groundbreaking ₹600 crore recovery program to aid users impacted by the alleged cyberattack on WazirX in July 2024.
As an industry leader, we wanted to do our bit to help the ecosystem, especially now, when the market has picked up. We don’t want crypto investors in India to miss opportunities. This program is an important step to rebuild what was lost,” said Ashish Singhal, Co-founder, CoinSwitch.
The program aims not only to give users an opportunity to recoup losses but also ensure growth of the Indian crypto community. Affected users can recover losses, earn rewards, and re-enter the market with confidence through this community-focused initiative.
Starting today, users can visit the CoinSwitch Cares portal to estimate recovery, deposit funds and claim rewards.
“At CoinSwitch, we believe in putting users first. CoinSwitch Cares is our way of supporting the Indian crypto community during challenging times while fostering long-term growth.
The program not only bring financial rewards to users but also enables them to participate in the current market cycle, gaining from the market price-driven upside and momentum.
“Our goal is to ensure affected users don’t miss out on the current market action and put their crypto to work at the earliest. This not only provides users an opportunity to recoup losses but also to earn from crypto trading,” said Singhal.
The program will be rolled out in a way that it delivers maximum value to impacted users.
How it works
- Anyone who has lost money in the alleged cyberattack on WazirX will be eligible to participate in the program to recover the losses.
- Users can deposit funds immediately or wait for WazirX to release their funds and deposit it to CoinSwitch. Both will be eligible for this program.
- Users can upload their WazirX statements for verification and estimate recovery on CoinSwitch Cares portal.
- The rewards are as follows
- Assured Signup Rewards: Eligible users can earn up to 10% of the funds deposited through this program over two years.
- Revenue redistribution: CoinSwitch will pool trading revenue generated from this program and distribute it to the affected users in proportion to their losses.
- Referral Rewards: Additionally, the users can earn up to 5% of the deposited funds through their referral of other affected WazirX users.
- Sign up and referral rewards will start accruing from today and will be credited starting Feb 7th, 2025.
- Revenue redistribution reward will begin once WazirX releases funds.
- Any WazirX user joining CoinSwitch via your referral link from today will count towards your referral rewards
This initiative has the potential to offer significant financial relief to over four million affected users while rebuilding confidence in the Indian crypto ecosystem. Even though the program is open for 24 months, as per our estimates (based on losses shown on WazirX today) most affected users will be able to recover 100% of their losses within six to eight months from when WazirX releases funds.
CoinSwitch Cares is more than a recovery program—it’s our commitment to building a secure and thriving crypto ecosystem in India.
