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.
The program, which is estimated to run for two years, seeks to help users recoup losses and give 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.
Starting today, users can visit our website (www.coinswitch.co/pro/coinswitch-cares) 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 or wait for WazirX to release their funds and deposit them to CoinSwitch.
Users should sign-up for this program, upload their WazirX loss statements for verification, and estimate rewards on our portal: www.coinswitch.co/pro/coinswitch-cares
Users can sell their crypto and withdraw INR anytime. However, crypto withdrawal is not supported at this time. Rewards only accrue and are paid till deposited funds remain on CoinSwitch.
The program has the potential to offer significant financial relief to over 4 million affected users while rebuilding confidence in the Indian crypto ecosystem.
CoinSwitch estimates that based on today’s (as of 7th January 2025) values an average user may be able to recover 100% of his/her losses.
The signup reward is capped at ₹15,000 per user, and the referral reward is capped at ₹10,000 per user. Cumulative rewards are capped at total loss suffered by a user from the alleged cyberattack on WazirX.
Switch to Recovery mode
Here’s a step-by-step guide on how to enroll in the recovery program.
Step 1: Estimate Your Loss
Use the calculator and determine your potential rewards and recovery.
Step 2: Sign Up and Complete KYC
Register on CoinSwitch and complete the KYC process to activate your account. Existing CoinSwitch users can Sign in
Step 3: Deposit from Anywhere
Start earning your assured sign up reward by depositing INR or crypto from anywhere.
Step 4: Deposit from WazirX
Once WazirX allows withdrawals, transfer 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.
Here’s a quick glance at what all are 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.
- Revenue redistribution: CoinSwitch will pool trading revenue generated from this program and redistribute 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 their referral of other affected WazirX users.
How to know your WazirX holdings
STEP 1
Open the following link (https://wazirx.com/rebalancing-calculator) and login to WazirX, if you aren’t logged in previously. Once logged in, a screen as shown below will be visible
STEP 2
Click on the card as highlighted in the image below
STEP 3
Enter the value mentioned under “Your Claims” section. This value will be shown in USDT. Convert this value to INR using the most updated USDT/INR conversion rate. Refer link (https://coinswitch.co/pro/usdt-inr/csx) for rate conversion.
How to get WazirX Loss Statements
STEP 1
Click on the Profile Section from the WazirX homepage
STEP 2
Click on the “Account Settings” option from the Profile section
STEP 3
From the Account Setting, click on the “DOWNLOAD REPORTS” section
STEP 4
From the ‘Trading Report’ dropdown menu, select ‘Current Month’ from the dropdown options, check the ‘Current Coin Balances’ box, and then click ‘REQUEST TRADING REPORT’ to download the report.
STEP 5
You would receive an email with an Excel attachment within a few minutes which needs to be uploaded on the “Coinswitch Cares” page
FAQs
1. What is the 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 support users in recovering 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 in the form of WazirX loss statements.
3. How do I apply for the CoinSwitch Cares program?
To apply, visit our dedicated portal, upload your WazirX loss statement, and fill in the required details 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 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?
While you can sell your crypto and withdraw the equivalent INR at any time, direct crypto withdrawals are currently not supported.
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 who have been affected by the alleged cyber attack as a market player can only survive if the industry is thriving.
