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 WazirX cyberattack of July 2024.
The funds have been earmarked for a period of two years, aiming to not only help users 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.
Users can start the process of financial recovery by visiting our website to estimate rewards as of right now.
“At CoinSwitch, we think that users should come first. Our approach to helping the Indian cryptocurrency community through difficult times and promoting long-term growth is CoinSwitch Cares. We wanted to contribute to the ecosystem as an industry leader, particularly given that the market is expanding. We do not want Indian cryptocurrency investors to pass up possibilities. This initiative is a crucial step in restoring what was lost.stated CoinSwitch co-founder Ashish Singhal.
Starting today, cryptocurrency users in India who were impacted by the purported cyberattack can deposit money to CoinSwitch and get rewards. In addition to offering customers financial benefits, the program allows them to take part in the current market cycle and profit from the momentum and price increases.
“We want to make sure impacted individuals use their cryptocurrency as soon as possible and do not miss out on the present market activity. This gives customers the chance to profit from trading in addition to recovering losses, Singhal continued.
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 rewards on our portal (based on the criteria).
The rewards work 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.
Beginning in February 2025, the user’s CoinSwitch account will be routinely credited with these benefits.
In addition to providing over 4 million impacted consumers with substantial financial relief, this action could restore trust in the Indian cryptocurrency market. According to our estimations (based on losses displayed on WazirX today), the majority of impacted users would be able to recover 100% of their losses within 8 months after WazirX releases funds, despite the program’s 24-month duration.
