Deep Tide TechFlow News, on January 8, according to Cointelegraph, Indian cryptocurrency exchange CoinSwitch announced the launch of a recovery fund worth 6 billion Indian Rupees (approximately 69.9 million USD) called 'CoinSwitch Cares', aimed at helping users who suffered losses due to the WazirX network attack in July 2024, and to attract WazirX users. The program will allocate funds to affected users over two years to promote the development of the Indian cryptocurrency ecosystem.
According to the regulations of CoinSwitch Cares, affected users must provide proof of WazirX losses and any other documents that may be required to apply for funds. The program offers three types of rewards: registration bonuses, revenue sharing, and referral bonuses. Users can sell cryptocurrencies and withdraw Rupees, but direct withdrawal of cryptocurrencies is not yet supported.
CoinSwitch co-founder Ashish Singhal stated that the company will fund this two-year program out of its own pocket and will utilize cash reserves to support its operations. He also mentioned that once WazirX resumes cryptocurrency withdrawals, CoinSwitch will be able to more easily track user claims and calculate rewards.
