- CoinSwitch’s ₹600 crore fund supports WazirX users in recovering crypto losses.
- Collaboration among key exchanges enhances India’s cryptocurrency industry.
India’s biggest cryptocurrency exchange, CoinSwitch, said it would return ₹600 crore to WazirX users under its CoinSwitch Cares program because of losses suffered on account of the disastrous hack in 2024. The ₹1,900 crore or approximately $230 million siphoned off from victims’ accounts was reportedly taken through the hack. This breach remains one of the largest losses in recent history in crypto.
This initiative has been part of a broader effort to stabilize the Indian cryptocurrency ecosystem at a time of greater challenges. WazirX creditors may benefit from this by recovering as much as 100% of the lost amount in two years, thanks to CoinSwitch Cares.
CoinSwitch Cares Recovery Plan
Under the program, users can estimate how much recovery they can recover with the CoinSwitch Cares calculator before registering on the platform with proper KYC verification. They can either deposit funds independently or use recovered withdrawals from WazirX as a starting point.
It also encourages the users to sign up through sign-up rewards of as much as 10% on deposited funds and referral bonuses as high as 5% when referring to other victims of the losses. CoinSwitch will distribute all the revenues earned through the campaign equitably amongst the victims depending on their reported losses.
The announcement has received mixed reactions. While most traders have praised CoinSwitch for stepping up, others think that this is a strategic way of getting WazirX users. The program, in any case, reflects CoinSwitch’s commitment to trust and collaboration in the Indian crypto community.
Another important Indian crypto exchange, CoinDCX, said it too will support WazirX. Founders Sumit Gupta and Rohit Khandelwal are researching means of committing funds to support the stranded users awaiting court approval for WazirX’s restructuring plan.
Such controversies that are often a blemish to the Indian crypto market are witnessing streams of commendable solidarity in dealing with the issues. Not only does this serve to reduce monetary losses of the users of WazirX, but it also sets strong foundations for the Indian crypto ecosystem.
