CoinSwitch has launched a Rs 600 crore recovery program
Crypto investment platform CoinSwitch announced ‘CoinSwitch Cares’ on January 7, a recovery program worth Rs 600 crore to assist users affected by the WazirX hack in July 2024.
Currently, they are taking legal action against WazirX to retrieve 2 percent of its funds, totaling Rs 12.4 crore in INR, which are stuck with WazirX. WazirX suffered a loss of $230 million, approximately 45 percent of its crypto assets, in a cyberattack on one of its multisig wallets on July 18, 2024.
Through this new recovery program, CoinSwitch aims to help WazirX users estimate recovery, deposit funds, and claim rewards.
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Users can participate in the program by depositing funds or waiting for WazirX to release their funds and transfer them to CoinSwitch. The program offers various features, including assured signup rewards of up to 10 percent of deposited funds over two years, revenue redistribution through CoinSwitch by distributing pool trading revenue generated from the program to affected users in proportion to their losses, and referral rewards for users who refer the program to other affected users and receive up to 5% of deposited funds. This program will be valid for the next 24 months.
WazirX is the largest crypto exchange in the country, with nearly 33 percent of Indian crypto users holding accounts or funds in the exchange. WazirX boasts over 4 million users, while CoinSwitch has around 2 crore users.
Ashish Singhal, Co-founder of CoinSwitch, stated, “CoinSwitch Cares is our initiative to support the Indian crypto community during challenging times while promoting long-term growth. This program is a crucial step towards rebuilding what was lost.”
He further added, “Our objective is to ensure that affected users can actively participate in the current market trends and leverage their crypto assets as soon as possible.”
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.