If you invest in crypto then you must have heard the name of CoinSwitch, CoinSwitch has recently announced CoinSwitch Cares Program worth Rs 600 crore. The company has started this program for WazirX users, under this program those users will benefit who had suffered loss in crypto due to the cyber attack on WazirX in July last year.
CoinSwitch had filed a case against WazirX after the attack in July last year. Coinswitch says that 2 percent of their total assets (about Rs 12 crore 40 lakh) are stuck in WazirX. This is the reason why in August last year, legal action was initiated against WazirX to recover these funds.
Recall that the company had lost $230 million (approximately Rs 1909 crore) in the attack on WazirX in July 2024. The amount included in the CoinSwitch Cares program will be given to WazirX users over the next two years.
CoinSwitch co-founder Ashish Singhal told during a conversation with Business Standard that under this program of the company, the amount is in Indian rupees or crypto, which will be deposited directly into the users' accounts without any lock-in.
This announcement has been made at a time when the crypto industry is facing a surge in the prices of Virtual Digital Assets (VDAs) including Bitcoin. Last month, the price of the cryptocurrency reached an all-time high of $108,319.
Coinswitch is funding this care program from its cash balance. CoinSwitch has more than 20 million users and this care program is targeted at approximately 4 million users of the WazirX platform. The company will use the balance statements of affected WazirX users, it plans to calculate the loss of users and distribute funds based on the inputs.
