CoinSwitch exchange announced a recovery fund worth 600 crores for WazirX users.
CoinSwitch Cares is a two-year long program focused on helping users who lost funds in the WazirX hack.
The WazirX hack of around $230 million has marked one of the biggest crypto losses in 2024. After several months of controversy, the WazirX team has finally announced its recovery plan recently and is planning to distribute funds to the creditors. Meanwhile, other Indian crypto exchanges such as CoinDCX and CoinSwitch are coming forward to help WazirX.
As per the latest post from CoinSwitch, the exchange platform has announced a recovery fund worth 600 crore to help WazirX users who lost funds in the hack. While several crypto traders are appreciating this move by CoinSwitch, others say it could be a move to capture WazirX users.
CoinSwitch Cares to Assist WazirX Victims
CoinSwitch Cares is a 600 crore recovery fund, solely dedicated to help WazirX victims, broadly fostering the Indian crypto ecosystem. It is a two-year long program, through which users can recoup up to 100% of their losses. However, they must go through a step-by-step process to be eligible for the rewards.
WazirX creditors can use the CoinSwitch Cares calculator to estimate their returns from the loss and then start registering on the platform along with KYC verification. Users can either deposit funds from any resources or they can also deposit funds once they get withdrawals from WazirX.
The CoinSwitch Cares program offers assured signup rewards up to 10% of the deposited funds. Furthermore, users can get referral rewards up to 5% of deposited funds for referring other WazirX affected users. CoinSwitch distributes the revenue generated from this program to users in proportion to their losses.
On the other hand, CoinDCX founders Sumit Gupta and Rohit Khandelwal offered support to WazirX in this issue by the end of 2024. However, they were unable to make an immediate decision on how to proceed and were waiting for court approval on the WazirX restructuring scheme. CoinDCX also plans to deploy some of their funds to help affected users by the hack.
The support from two major crypto exchanges to WazirX paves the way to strengthen the Indian crypto ecosystem. Instead of taking this opportunity to expand their businesses further, both CoinDCX and CoinSwitch are doing a commendable job, coming forward to mitigate the losses.
Highlighted Crypto News Today:
US States Plan to Introduce “Strategic Bitcoin Reserve” Bill at State Level
