India's cryptocurrency exchange CoinSwitch announced the launch of a recovery fund called 'CoinSwitch Cares' amounting to ₹7 billion (approximately $70 million) to assist victims of the WazirX hacking incident in July 2024. Users will need to provide proof of loss from WazirX to apply for compensation. CoinSwitch plans to complete the distribution of funds within two years, with rewards including registration bonuses, revenue sharing, and referral bonuses, aiming to cover around 4 million WazirX users. CoinSwitch stated that the project will be fully supported by its cash reserves, aimed at promoting the development of the Indian crypto ecosystem. (Cointelegraph)