To attract users impacted by the 2024 WazirX hack, CoinSwitch unveiled a Rs 600 crore ($75 Million) initiative. This includes generous welcome incentives and increased earnings for new users.
On Tuesday morning, Ashish Singhal, CEO of CoinSwitch, unveiled the “CoinSwitch Cares” initiative, providing a recovery plan worth approximately INR 6 billion (USD 817 million) for users affected by the July 2024 cyberattack on WazirX. A total of over 4.4 million users of the platform suffered a combined loss of around INR 20 billion ($234.9 million) in cryptocurrency funds.
1. Signup Bonus Rewards: Users who qualify can receive up to 10% of their deposited funds as rewards over a period of two years, thanks to this program.
2. Revenue Sharing: CoinSwitch will gather the revenue generated from this specific program through trading activities and then distribute it among the affected users according to their proportional share…
— Ashish Singhal (@ashish343) January 7, 2025
In his recent post, Singhal outlined that impacted WazirX users can now determine their potential recovery, make deposits, and collect rewards through a newly established platform called ‘CoinSwitch Cares’, specifically designed for WazirX users. If any WazirX user, who has been affected by the hack, decides to transfer to CoinSwitch, they will be given attractive sign-up bonuses and referral rewards, in addition to higher returns if they deposit their compensation funds received from WazirX.
Based on information from CoinSwitch, the majority of users should be able to fully recover their losses within approximately 8 months following the release of funds by WazirX. In an effort to attract as many WazirX users as possible before the platform begins distributing the remaining user’s funds, CoinSwitch has launched its ‘CoinSwitch Cares’ initiative.
At present, WazirX is facing some major hurdles, as they are currently in the process of overcoming a cyberattack and dealing with setbacks in withdrawal processing. However, they aim to resume withdrawals by mid-April 2025. Additionally, there’s talk about WazirX launching a decentralized exchange (DEX) for Indian expatriates.
In an additional development, competitor CoinDCX has indicated a desire to purchase the WazirX platform along with all its users. The CEO, Neeraj Khandelwal, mentioned that they are willing to assist WazirX users, but ultimately it depends on whether WazirX is interested as well. If this acquisition takes place, it could potentially set a solid foundation for WazirX’s user base to recover, although the decision rests with WazirX itself.
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2025-01-07 11:35