PANews reported on January 8 that according to Cointelegraph, Indian crypto exchange CoinSwitch announced the launch of a 6 billion Indian rupee (about 69.9 million U.S. dollars) "CoinSwitch Cares" recovery fund, which aims to help users who suffered losses due to the WazirX cyber attack in July 2024 and thereby attract WazirX users. The plan will allocate funds to affected users within two years to promote the development of India's cryptocurrency ecosystem.
According to CoinSwitch Cares, affected users need to provide proof of loss to WazirX and other documents that may be required to apply for funds. The program offers three types of rewards: registration bonus, revenue sharing and referral bonus. Users can sell cryptocurrencies and withdraw rupees, but direct withdrawal of cryptocurrencies is not supported at the moment.
CoinSwitch co-founder Ashish Singhal said the company will fund the two-year initiative out of its own pocket and use its cash reserves to support its operations. He also mentioned that once WazirX resumes cryptocurrency withdrawals, it will be easier for CoinSwitch to track user claims and calculate rewards.
