Here’s a New Year gift you don’t want to miss! Today, we’re launching ‘CoinSwitch Cares,’ a ₹600-crore recovery program to aid users impacted by the alleged cyberattack on WazirX in July 2024.
The program offers affected users an opportunity to recoup losses and give a boost to the Indian crypto ecosystem.
Enroll in the program on the CoinSwitch Cares portal to benefit in several ways—recover losses, earn rewards, and get a chance to re-enter the market and take advantage of market momentum!
Why launch ‘CoinSwitch Cares’
Users of crypto exchange WazirX were alarmed by news reports about an alleged cyberattack at the platform in July 2024. The incident led to the theft of digital assets worth over $230 million, according to WazirX. While the issue drags on, the ‘CoinSwitch Cares’ program is our initiative to help out impacted WazirX users.
Who can participate in the program?
The terms of the program are simple and easy to understand. Anyone who has lost money in the alleged cyberattack is eligible to participate in the program to recover the losses. Users have the option to deposit funds immediately to CoinSwitch. Further, they can deposit once WazirX releases funds and increase their rewards. Simply upload your WazirX statement on our portal for verification and join the reward program.
How it works
CoinSwitch Cares aims to provide financial relief to over 4 million affected users and rebuild confidence in the Indian crypto ecosystem. Crypto users in India, who have been affected by the alleged cyberattack, can deposit funds on CoinSwitch and claim rewards.
Follow four simple steps to begin your recovery journey with CoinSwitch Cares.
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 simply login to start.
Step 3: Deposit from Anywhere
Start earning your upfront reward by depositing INR or crypto using any supported method.
Step 4: Deposit from WazirX
Once WazirX releases funds, transfer those funds to CoinSwitch to maximize your recovery benefits.
- Rewards will accrue in proportion to users’ crypto holdings and trading volumes on CoinSwitch.
- Apart from upfront rewards, CoinSwitch will pool trading revenue generated from this program and distribute it to the affected users in proportion to their losses.
- Users can sell their crypto and withdraw INR anytime. However, crypto withdrawal is not supported at this time.
How Reward Mechanism works
Eligible WazirX users will be enrolled in a reward mechanism that will work as follows:
- 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 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 their referral of other affected WazirX users.
– Signup and referral rewards will start accruing from now and will be credited starting Feb 7th, 2025.
– Revenue redistribution accrual and reward distribution will begin once WazirX releases funds.
– Any affected WazirX user joining CoinSwitch via your referral link will qualify for referral rewards.
As always, CoinSwitch’s enterprise-grade custody, multi-party computation, 24/7 customer support, and strong financials protect user assets, providing a secure trading platform.
CoinSwitch Cares is more than a recovery program—it’s our commitment to building a secure and thriving crypto ecosystem in India.
