According to Deep Tide TechFlow, on January 8, Cointelegraph reported that Indian cryptocurrency exchange CoinSwitch announced the launch of a 'CoinSwitch Cares' recovery fund worth 6 billion Indian Rupees (approximately 69.9 million USD), aimed at helping users who suffered losses due to the WazirX cyber attack in July 2024, and to attract WazirX's users. The plan will allocate funds to affected users over two years to promote the development of the Indian cryptocurrency ecosystem.
According to the rules of CoinSwitch Cares, affected users need to provide proof of loss from WazirX and any other documents that may be required to apply for funding. The program offers three types of rewards: registration bonuses, revenue sharing, and referral bonuses. Users can sell cryptocurrencies and withdraw Rupees, but direct cryptocurrency withdrawals are not yet supported.
CoinSwitch co-founder Ashish Singhal stated that the company will self-fund this two-year initiative and support its operations using cash reserves. He also mentioned that once WazirX resumes cryptocurrency withdrawals, CoinSwitch will find it easier to track user claims and calculate rewards.