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.
Starting today, users can visit our website to estimate rewards and take the first step towards financial recovery.
“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.” said Ashish Singhal, Co-founder, CoinSwitch.
Crypto users in India, who have been affected by the alleged cyberattack, can deposit funds to CoinSwitch and claim rewards starting today. The program not only bring financial rewards to users but also enables them to participate in the current market cycle, gaining from the market price-driven upside and momentum.
“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.” added Singhal.
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.
These rewards will be credited to the user’s CoinSwitch account regularly from February 2025.
This initiative has the potential to offer significant financial relief to over 4 million affected users while rebuilding confidence in the Indian crypto ecosystem. Even though the program is open for 24 months, as per our estimates (based on losses shown on WazirX today) most affected users will be able to recover 100% of their losses within 8 months from when WazirX releases funds.
