To help WazirX users recoup their losses, cryptocurrency platform CoinSwitch launches a Rs 600 Cr scheme.

Cryptocurrency platform CoinSwitch launched “CoinSwitch Cares” on Tuesday, a ₹600 crore initiative for users affected by the cyberattack on WazirX in July last year, which resulted in the theft of over $230 million in digital assets.

The company stated that it has created a fund for two years, aimed at helping users recover their losses. Eligible users can claim compensation, win rewards, and re-enter the crypto market. WazirX users had expressed concerns on social media about being unable to capitalize on the ongoing Bitcoin rally when it launched. Currently, the company is in the process of reopening its platform.

Our approach to helping the Indian cryptocurrency community as it promotes long-term growth is CoinSwitch Cares.
We wanted to support the ecosystem as an industry leader, particularly at this time when the market is evolving quickly. We don’t want India to lose out on cryptocurrency investment potential.

Co-founder of CoinSwitch “Rebuilding what was lost is aided by this initiative. We want affected customers to be able to use their cryptocurrencies as quickly as possible and not lose out on the current market activity.” Singhal continued by saying that in addition to recovering losses, the software enables users to profit from trading.

When joining CoinSwitch, affected users can either immediately deposit funds into the CoinSwitch platform or wait for WazirX to release their funds. Users can estimate rewards on the company’s portal and upload their WazirX reports for verification.

According to the reward system, eligible users can earn up to 10% of the funds deposited through the program over two years. In August, a month after the WazirX heist, CoinSwitch initiated legal action against the company to recover nearly ₹81 crore trapped on the platform.