Good times keep rolling at CoinSwitch! ‘CoinSwitch Cares’ is a one-of-a-kind ₹600-crore recovery program to help users impacted by the alleged WazirX cyber attack of July 2024.
Good times keep rolling at CoinSwitch! ‘CoinSwitch Cares’ is a one-of-a-kind ₹600-crore recovery program to help users impacted by the alleged WazirX cyberattack of July 2024.
The program seeks to give users an opportunity to recoup losses and provide a boost to the Indian crypto community. Affected users can recover losses, earn rewards, and confidently re-enter the market through this community-focused initiative.
Users can visit the website (www.coinswitch.co/pro/coinswitch-cares), CoinSwitch mobile app, or PRO website to estimate rewards and take the first step toward financial recovery.
Let’s Play by the Rules
The program is open to those who have lost money in the alleged cyberattack on WazirX.
Users have the option to deposit funds immediately to start earning rewards or wait for WazirX to release their funds and deposit them to CoinSwitch.
Users should submit their WazirX Creditor_ID and USD balance through our portal (www.coinswitch.co/pro/coinswitch-cares), CoinSwitch mobile app, or PRO website to estimate rewards.
The signup reward is capped at ₹15,000 per user, and the referral reward is capped at ₹10,000 per user.
This initiative has the potential to offer significant financial relief to over 4 million affected users while rebuilding confidence in the Indian crypto ecosystem.
Switch to Recovery Mode
Here’s a step-by-step guide on how to enroll in the recovery program.
Step 1: Use the Estimate Calculator on our website to determine your potential rewards and recovery. To do this, you must submit your WazirX Creditor ID and USD balance details, which can be found in your WazirX account by following the steps below.
Step 2: Open the following link (https://wazirx.com/funds/july-18) and login to your WazirX account, if you haven’t previously. Once logged in, a screen like the one below will be visible to you.
Step 3: Copy the ‘Unique Scheme Creditor ID’ from the page by clicking the Copy button and paste the same in the CoinSwitch input box.
Step 4: Note the USD balance value mentioned on the page (as referenced in the screenshot) and enter it in the corresponding input box on the CoinSwitch input box. Make sure you note the USD value and not the INR value.
Step 5: Register on CoinSwitch and complete the KYC process to activate your account. Existing CoinSwitch users can simply log in to start.
Step 6: Now you can start earning your signup reward by depositing INR or crypto from anywhere and through referrals. Once
WazirX allows withdrawals, transfers those funds to CoinSwitch to maximize your recovery benefits.
Rewards and more!
The rewards will be credited to the user’s CoinSwitch account regularly in INR or crypto, starting May 22, 2025.
Here’s a glance at what’s on offer for eligible WazirX users:
- Assured Signup Rewards: Eligible users can earn up to 10% of the funds deposited through this program over two years, up to Rs 15,000.
- Revenue redistribution: CoinSwitch will pool trading revenue generated from this program and distribute it to the affected users in proportion to their losses.
- Referral Rewards: Additionally, the users can earn up to 5% of the deposited funds through the referral of other affected WazirX users, up to Rs 10,000.
Note(s)
- Rewards will be credited to enrolled users on their CoinSwitch account in INR or crypto.
- Sign-up and referral rewards will start accruing from May 14, 2025. However, they will be credited beginning May 22, 2025.
- Revenue redistribution reward will begin once WazirX releases funds.
- Any WazirX user joining CoinSwitch via your referral link from May 14, 2025, will count towards your referral rewards.
FAQs
1. What is CoinSwitch Cares program?
CoinSwitch Cares is a ₹600-crore initiative designed to help users affected by the alleged WazirX cyberattack in July 2024. It aims to help users recover their losses through a combination of financial support and revenue redistribution.
2. Who is eligible for the CoinSwitch Cares program?
Any user affected by the WazirX breach can participate. Users need to provide proof of their losses from WazirX to benefit from this program.
3. How do I apply for the CoinSwitch Cares program?
To apply, visit our dedicated portal, upload the required details from your WazirX account to estimate your potential rewards, and initiate your recovery process.
4. What types of rewards are offered under this program?
Rewards include:
Assured sign-up bonus of up to 10% of the funds you deposit.
A share of revenues generated on our platform for 24 months (capped at your loss due to an attack on WazirX).
Referral bonuses for bringing other affected users to CoinSwitch, up to 5% of their deposited funds.
5. Can I withdraw my crypto from CoinSwitch after receiving rewards?
Users who wish to make a crypto withdrawal can write to us at cryptotransfer@coinswitch.co. Please note that approvals are subject to enhanced due diligence and risk assessment.
6. What happens if I leave the program early?
You can keep the assured signup rewards. Revenue redistribution and referral rewards will stop.
7. Are there any caps on rewards?
Yes, the signup reward is capped at ₹15,000 per user, and the referral reward is capped at ₹10,000 per user.
8. How does CoinSwitch ensure the security of my assets in this program?
CoinSwitch adheres to strict security protocols, including enterprise-grade custody solutions, robust policy engines, and comprehensive risk management practices to safeguard your assets.
9. What if I have not suffered any losses due to the market’s recovery?
Even if the market recovery has offset your losses, you are still eligible for the upfront deposit reward. However, further rewards will not apply.
10. How will the rewards be credited?
Rewards will be credited to enrolled users on their CoinSwitch account in INR or crypto, starting February 1, 2025.
11. How does this initiative benefit CoinSwitch while supporting the broader crypto industry?
The need of the hour is to rebuild trust with the Indian crypto users affected by the alleged cyber attack, as a market player can only survive if the industry is thriving.
