CoinSwitch has unveiled a $70 million initiative called “CoinSwitch Cares,” designed to aid users of the platform WazirX in recouping losses stemming from a cyber incident scheduled for July 2024.
The two-year project aims at rebuilding trust within India’s cryptocurrency sector by offering monetary assistance to those who have been negatively impacted.
Introducing #CoinSwitchCares – a massive ₹600 Crore relief fund for WazirX users! This initiative is designed to support those who suffered losses due to the suspected July 2024 cyber attack. Over the course of two years, we aim to help the affected users recover their funds.
— CoinSwitch: India’s Simplest Crypto App 🚀 (@CoinSwitch) January 7, 2025
The program allows WazirX users to calculate potential losses, reclaim some of their investments, and gain extra incentives.
In order to join, users need to follow these four simple procedures:
1. Utilize the given tool on CoinSwitch to determine their losses.
2. Sign up on the platform and go through the Know Your Customer (KYC) verification process.
3. Deposit funds from any preferred source into the platform.
4. Transfer the recovered funds from WazirX to optimize benefits.
Participants can potentially earn up to 10% of their deposits over two years through this program. Additionally, CoinSwitch will redistribute the project’s trading profits based on the extent of each participant’s losses.)
Furthermore, users have the opportunity to recommend impacted WazirX customers and receive up to 5% of their deposited funds as a bonus for referring them.
WazirX hack in 2024
In other words, platforms like WazirX facilitate the buying and selling of digital currencies such as Bitcoin (BTC) or Ethereum (ETH), but these exchanges are potential victims of cyber-intrusions that might result in substantial monetary losses.
Back in July 2024, the digital currency trading platform WazirX suffered a cyber-attack, causing more than $2 million worth of user assets to be stolen. The culprits took advantage of a weakness in WazirX’s smart contract system to drain resources. In response, WazirX temporarily paused its services and promised customers that they were actively investigating the incident to retrieve the misappropriated funds.
CoinSwitch, a cryptocurrency platform, is moving forward to offer monetary aid and restore confidence among its users.
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2025-01-07 18:52