CoinSwitch launches Rs 600-crore recovery program for impacted WazirX users

Ashish Singhal, Co-founder and Group CEO, PeepalCo

Crypto investment platform CoinSwitch on January 7 announced ‘CoinSwitch Cares’ – a Rs 600-crore recovery program to aid users impacted by the WazirX hack in July 2024.

At present, CoinSwitch is also pursuing legal action against WazirX to recover 2 percent of its funds that are stuck with WazirX, cumulatively amounting to Rs 12.4 crore in INR. WazirX had lost $230 million, nearly 45 percent of its crypto assets in a cyberattack on one of its multisig wallets on July 18, 2024.

Through this new recovery program for WazirX users, CoinSwitch will help them to estimate recovery, deposit funds and claim rewards.

Users can access the program by depositing funds or wait for WazirX to release their funds and deposit it to CoinSwitch. Features of the program include assured signup rewards wherein users can earn up to 10 percent of the funds deposited over two years; revenue redistribution through CoinSwitch by pool trading revenue generated from this program and distribute it to the affected users in proportion to their losses, and referral rewards for users of uproot 5% of deposited funds by referring the program to other affected users.

This program will be valid for the next 24 months.

To be sure, WazirX is the largest crypto exchange in the country with nearly 33 percent of Indian crypto users either holding accounts or having funds in the exchange. WazirX has over 4 million users, while CoinSwitch has around 2 crore users.

Ashish Singhal, Co-founder, CoinSwitch said, “CoinSwitch Cares is our way of supporting the Indian crypto community during challenging times while fostering long-term growth…This program is an important step to rebuild what was lost.”

He added, “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.”