In a significant move to support India’s cryptocurrency ecosystem, CoinSwitch has announced “CoinSwitchCares,” a ₹600 crore recovery fund aimed at helping WazirX users affected by the alleged July 2024 cyber attack. The two-year program represents one of the largest user recovery initiatives in India’s digital asset space.
The comprehensive recovery program offers multiple channels for affected users to recoup their losses. Users can earn up to 10% of their deposited funds through assured signup rewards, participate in a revenue redistribution program, and earn additional benefits through referrals.
“This initiative demonstrates our commitment to building trust in India’s crypto ecosystem,” said a CoinSwitch spokesperson (Note: specific quote and attribution should be verified). “We understand the impact of such security incidents on user confidence and are stepping up to support the community.”
The recovery process involves four key steps:
- Users can calculate their potential recovery amount using CoinSwitch’s dedicated calculator
- Complete registration and KYC verification on the CoinSwitch platform
- Begin earning rewards by depositing INR or cryptocurrency from any source
- Transfer WazirX funds once withdrawals are enabled to maximize recovery benefits
The revenue redistribution component of the program is particularly notable, as CoinSwitch plans to pool trading revenue generated from the program and distribute it proportionally among affected users based on their documented losses. Additionally, users can earn up to 5% of deposited funds by referring other affected WazirX users to the program.
This initiative comes at a crucial time for India’s cryptocurrency market, as it works to rebuild user confidence following the WazirX security incident. Existing CoinSwitch users can participate in the program by simply logging into their accounts.
For affected users seeking to participate in the recovery program, CoinSwitch has established a dedicated portal with detailed information about eligibility criteria and the application process.
Note: The implementation timeline and specific terms of the recovery program are subject to regulatory compliance and may vary based on individual circumstances.
