CoinSwitch Launched ₹600 Cr Support Fund For WazirX Loss Recovery

CoinSwitch CEO Ashish Singhal announced the “CoinSwitch Cares” program on Tuesday, introducing a ₹600 crore recovery plan for WazirX users affected by the July 2024 cyberattack. The hack impacted over 4.4 million users, causing a total loss of ₹2,000 crore ($234.9 million) in crypto funds.

The company has set aside funds for two years to help users recover their losses, earn rewards, and rejoin the crypto market. This comes as WazirX users voice concerns on social media about missing out on the ongoing Bitcoin rally. Meanwhile, WazirX is working to reopen its platform for users.

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Ashish Singhal, co-founder of CoinSwitch, said, “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. 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."

“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 trading.” he added.

Affected users can deposit funds directly on CoinSwitch or wait for WazirX to release their funds for transfer. They can upload their WazirX statements for verification and check estimated rewards on CoinSwitch’s portal. Eligible users can earn up to 10% of deposited funds over two years through the program, with trading revenue pooled and shared based on their losses.

Additionally, users can earn up to 5% of deposited funds by referring other affected WazirX users. In August, CoinSwitch also took legal action against WazirX to recover Rs 81 crore in stuck funds after the WazirX heist.

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