CoinSwitch launches Rs 600-crore recovery programme for impacted WazirX users
09 Jan 2025, 07:01 PMThe programme offers affected users an opportunity to recoup losses -- where they can estimate recovery, deposit funds and earn rewards.
Team Head&Tale
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Cyrptocurrency trading platform CoinSwitch has launched 'CoinSwitch Cares' -- a Rs 600-crore recovery programme to aid users impacted by the alleged cyberattack on WazirX in July 2024.
The programme offers affected users an opportunity to recoup losses -- where they can estimate recovery, deposit funds and earn rewards.
Users can earn up to 10% of the funds deposited through this program over two years.
According to the company, users will have the option to deposit funds immediately to CoinSwitch. Further, they can deposit once WazirX releases funds and increase their rewards.
Rewards will accrue in proportion to users’ crypto holdings and trading volumes on CoinSwitch. Apart from upfront rewards, CoinSwitch will pool trading revenue generated from this programme and distribute it to the affected users in proportion to their losses.
Users can sell their crypto and withdraw INR anytime. However, crypto withdrawal is not supported at this time.
"CoinSwitch Cares aims to provide financial relief to over 4 million affected users and rebuild confidence in the Indian crypto ecosystem. Crypto users in India, who have been affected by the alleged cyberattack, can deposit funds on CoinSwitch and claim rewards," CoinSwitch said in its statement.
Users can upload your WazirX statement on our portal for verification and join the reward programme.
The company is also pursuing legal action against WazirX to recover 2% of its funds worth Rs 12.4 crore that are stuck with WazirX. The largest crypto platform of the country WazirX had lost $230 million, nearly 45% of its crypto assets in a cyberattack on July 18,2024.