Indian Cryptocurrency Exchanges Unite to Support WazirX Users
CoinSwitch Launches ₹600 Crore Fund to Recover Crypto Losses
In a significant move to stabilize the Indian cryptocurrency ecosystem, CoinSwitch, the country’s largest cryptocurrency exchange, has announced a ₹600 crore fund to support WazirX users who suffered losses due to a devastating hack in 2024. The hack resulted in approximately ₹1,900 crore ($230 million) being siphoned off from victims’ accounts, making it one of the largest losses in recent crypto history.
CoinSwitch Cares Program: A Recovery Plan for WazirX Users
Under the CoinSwitch Cares program, WazirX creditors may be able to recover up to 100% of their lost amount over a period of two years. The program allows users to estimate their potential recovery using the CoinSwitch Cares calculator, followed by registration on the platform with proper KYC verification. Users can either deposit funds independently or use recovered withdrawals from WazirX as a starting point.
To incentivize users, CoinSwitch is offering sign-up rewards of up to 10% on deposited funds and referral bonuses of up to 5% for referring other victims of the losses. The exchange will distribute all revenues earned through the campaign equitably amongst the victims based on their reported losses.
Industry Collaboration Enhances Indian Cryptocurrency Ecosystem
The announcement has received mixed reactions, with some traders praising CoinSwitch for its initiative and others viewing it as a strategic move to acquire WazirX users. Nevertheless, the program reflects CoinSwitch’s commitment to trust and collaboration in the Indian crypto community.
Another prominent Indian crypto exchange, CoinDCX, has also expressed its support for WazirX. Founders Sumit Gupta and Rohit Khandelwal are exploring ways to commit funds to support stranded users, pending court approval for WazirX’s restructuring plan.
Conclusion
The solidarity displayed by Indian cryptocurrency exchanges in supporting WazirX users is a positive step towards building a stronger and more resilient ecosystem. By providing a recovery plan and collaborating with other exchanges, CoinSwitch is helping to reduce monetary losses for WazirX users and setting a strong foundation for the Indian crypto industry.
#NFT #CryptoExchange #Web3 #CryptoNews
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