Cryptocurrency
CoinSwitch Launches ₹600 Crore Recovery Program for Crypto Losses: CoinSwitch Cares
CoinSwitch, an India-based cryptocurrency platform with over 2 crore users, has announced ‘CoinSwitch Cares’, a ₹600 crore initiative to help users recover losses from the alleged WazirX cyberattack of July 2024. This two-year program provides financial relief and fosters confidence and growth in the Indian crypto ecosystem. This initiative allows affected users to reclaim their losses, earn rewards, and re-engage with the market.
How CoinSwitch Cares Works
The recovery program is accessible to all users who suffered financial setbacks in the alleged WazirX cyberattack. Participants can deposit funds directly into their CoinSwitch accounts or wait for WazirX to release their funds for eligibility. Users can estimate their rewards by uploading WazirX statements to the CoinSwitch portal and taking the first steps toward financial recovery.
Key Features of the Program
Assured Signup Rewards: Eligible users can earn up to 10% of deposited funds over two years.
Revenue Redistribution: Trading revenue generated through the program will be pooled and proportionally redistributed to affected users.
Referral Rewards: Participants can earn up to 5% of deposited funds by referring other impacted users from WazirX.
Rewards will be credited regularly to users’ CoinSwitch accounts starting February 2025.
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“At CoinSwitch, we put our users first. CoinSwitch Cares reflects our commitment to supporting the Indian crypto community during tough times while fostering long-term growth,” said Ashish Singhal, Co-founder of CoinSwitch. “The Indian market has gained momentum, and we don’t want investors to miss opportunities. This program is designed to rebuild trust and empower users to recover what was lost.”
He added, “Our goal is to ensure affected users quickly re-enter the market and benefit from the ongoing market cycle. This initiative is not just about recovery; it’s about enabling users to grow and thrive.”
Impact and Potential
The initiative is expected to provide relief to over 4 million affected users. According to CoinSwitch’s estimates, once WazirX releases funds, most users could recover 100% of their losses within eight months.
Affected users can visit the CoinSwitch portal today to upload their WazirX statements, estimate rewards, and begin their financial recovery journey.
