CoinSwitch has announced a $70 million recovery program, “CoinSwitch Cares,” aimed at helping WazirX users recover losses from a July 2024 cyberattack.
The two-year initiative, seeks to restore confidence in India’s crypto ecosystem by providing financial relief to affected individuals.
The program offers WazirX users a chance to estimate their losses, recover a portion of their funds, and earn additional rewards.
To participate, users must complete four steps: calculate their losses using CoinSwitch’s provided tool, register on the platform and complete the Know Your Customer process, deposit funds from any source, and transfer recovered funds from WazirX to maximize benefits.
Participants can earn up to 10% of the funds they deposit through the program over two years. Additionally, CoinSwitch will redistribute trading revenue from the initiative based on victims’ proportionate losses.
Additionally, users can refer other affected WazirX customers and earn up to 5% of deposited funds as a referral reward.
WazirX hack in 2024
For context, cryptocurrency exchanges like WazirX allow users to trade digital assets such as Bitcoin (BTC) or Ethereum (ETH). However, they can also be targets for cyberattacks, which can lead to significant financial losses.
The WazirX cryptocurrency exchange was hacked in July 2024, leading to the theft of over $2 million in user funds. The attackers exploited a vulnerability in the platform’s smart contract system to siphon assets. WazirX temporarily halted operations and assured users that an investigation was underway to recover the stolen funds.
CoinSwitch, another crypto platform, is stepping in to provide financial relief and rebuild trust within the community.
