- CoinSwitch’s ₹600 crore fund supports WazirX users in recovering crypto losses.
- Collaboration among key exchanges enhances India’s cryptocurrency industry.
The largest cryptocurrency exchange in India, CoinSwitch, announced it will refund ₹600 crore to WazirX users as part of its CoinSwitch Cares initiative due to losses incurred from a major hack that occurred in 2024. It is believed that the hackers stole approximately $230 million from victims’ accounts, making it one of the biggest crypto heists in recent years.
This endeavor forms part of a wider strategy aimed at strengthening the Indian digital currency market during tougher times. CoinSwitch Cares could potentially help WazirX creditors recover up to 100% of their lost funds within a two-year period.
This plan is one step in a bigger strategy to make the crypto market in India more stable, especially during difficult periods. Thanks to CoinSwitch Cares, WazirX users who have lost money could potentially get all their funds back over a period of two years.
CoinSwitch Cares Recovery Plan
As a crypto investor, I appreciate knowing my potential recovery amount before diving into a new platform like CoinSwitch. The CoinSwitch Cares calculator provides an estimate, which is handy for planning purposes. Once I’m ready to proceed, I can either deposit funds directly or leverage recovered withdrawals from WazirX as my starting point, following the necessary KYC verification process.
The platform additionally motivates users to register by offering sign-up incentives up to 10% on deposited funds and referral bonuses reaching 5%, when referring others who have experienced similar financial setbacks. CoinSwitch plans to share all profits generated from the campaign proportionately among the participants, based on the reported losses they’ve incurred.
The announcement has elicited varied responses, with many traders commending CoinSwitch for taking action, while some view it as a tactic to attract WazirX users. Regardless, the initiative underscores CoinSwitch’s dedication to trust and cooperation within the Indian cryptocurrency community.
In addition, the Indian crypto platform CoinDCX has announced its intention to collaborate with WazirX. Co-founders Sumit Gupta and Rohit Khandelwal are exploring methods to provide financial assistance for the users who are currently stranded, pending court approval of WazirX’s reorganization plan.
Controversies that sometimes tarnish the reputation of the Indian cryptocurrency market are experiencing a wave of constructive unity in addressing these issues. This not only helps minimize financial losses for WazirX users, but it also lays robust groundwork for the development and growth of the Indian crypto sector.
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2025-01-09 09:42