WazirX hack: CoinSwitch launches ₹600cr recovery program for affected users
07 Jan 2025

Popular cryptocurrency investment platform CoinSwitch has announced a ₹600 crore recovery initiative called 'CoinSwitch Cares.'

The program aims to help users who were negatively impacted by the hack of cypto exchange WazirX back in July 2024.

The company is also pursuing legal action against WazirX to recover 2% of its funds, which are currently stuck with WazirX, worth around ₹12.4 crore.

CoinSwitch Cares: A lifeline for affected users
Program details

The 'CoinSwitch Cares' program comes as a lifeline for WazirX users, allowing them to estimate recovery, deposit funds, and claim rewards.

Users can either join the program by depositing funds directly or wait for WazirX to release their funds for CoinSwitch deposit.

The initiative features guaranteed signup rewards where users can earn up to 10% of the deposited funds over two years.

Revenue redistribution and referral rewards
User benefits

The 'CoinSwitch Cares' program also includes revenue redistribution. This means CoinSwitch will share the trading revenue generated from this program with affected users, in proportion to their losses.

There are also referral rewards for users who can earn up to 5% of deposited funds by referring the program to other affected users.

The initiative will continue for the next 24 months.

CoinSwitch's commitment to the Indian crypto community
Founder's statement

Ashish Singhal, Co-founder of CoinSwitch, said 'CoinSwitch Cares' is their way of standing by the Indian crypto community in tough times while promoting long-term growth.

"Our goal is to ensure affected users don't miss out on the current market action and put their crypto to work at the earliest," he added.

As a part of the recovery process, users can upload their WazirX statement for verification and estimate rewards on CoinSwitch's portal.

WazirX's restructuring scheme and hack investigation
Ongoing developments

WazirX's parent company, Zettai, is still waiting for the Singapore Court's approval to present its restructuring scheme to creditors.

The plan will only be implemented if it gets at least 75% approval from creditors.

On July 18, 2024, a WazirX wallet under Liminal Custody's supervision was allegedly hacked, with over $230 million stolen.

Both WazirX and Liminal denied security breaches following internal investigations. The stolen funds remain untraced to this date.