CoinSwitch Launches $70 Million Recovery Program for WazirX Users
CoinSwitch Cares: A Two-Year Initiative to Restore Confidence in India’s Crypto Ecosystem
In response to the July 2024 cyberattack on WazirX, CoinSwitch has announced a $70 million recovery program, “CoinSwitch Cares,” aimed at providing financial relief to affected users. This two-year initiative seeks to restore confidence in India’s cryptocurrency ecosystem by offering a comprehensive recovery plan.
How CoinSwitch Cares Works
The program allows WazirX users to estimate their losses, recover a portion of their funds, and earn additional rewards. To participate, users must complete four steps:
1. Calculate their losses using CoinSwitch’s provided tool.
2. Register on the platform and complete the Know Your Customer (KYC) process.
3. Deposit funds from any source.
4. Transfer recovered funds from WazirX to maximize benefits.
Rewards and Incentives
Participants can earn up to 10% of the funds they deposit through the program over two years. Additionally, CoinSwitch will redistribute trading revenue from the initiative based on victims’ proportionate losses. Users can also refer other affected WazirX customers and earn up to 5% of deposited funds as a referral reward.
Background: The WazirX Hack
In July 2024, the WazirX cryptocurrency exchange was hacked, resulting in the theft of over $2 million in user funds. The attackers exploited a vulnerability in the platform’s smart contract system to siphon assets. WazirX temporarily halted operations and assured users that an investigation was underway to recover the stolen funds.
CoinSwitch’s Efforts to Rebuild Trust
By launching CoinSwitch Cares, CoinSwitch aims to provide financial relief and rebuild trust within the community. This initiative demonstrates the company’s commitment to supporting users affected by the WazirX hack and promoting a safer and more secure cryptocurrency ecosystem in India.
Conclusion
In summary, CoinSwitch’s $70 million recovery program, CoinSwitch Cares, offers a comprehensive solution for WazirX users affected by the July 2024 cyberattack. By providing financial relief, rewards, and incentives, CoinSwitch aims to restore confidence in India’s cryptocurrency ecosystem and promote a safer and more secure environment for users.
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