CoinSwitch, India’s leading crypto platform with over 2 crore users, has unveiled “CoinSwitch Cares,” a ₹600 crore recovery program aimed at aiding users impacted by the alleged WazirX cyberattack in July 2024. The initiative promises financial relief, rewards, and opportunities for affected users to re-enter the crypto market confidently.
Ashish Singhal, Co-founder of CoinSwitch, emphasized the platform’s commitment to rebuilding the Indian crypto community. “We don’t want crypto investors in India to miss opportunities. This program is an important step to rebuild what was lost,” he said.
The program offers assured signup rewards, revenue redistribution, and referral bonuses to help over 4 million affected users recover losses. Participants can upload WazirX statements, estimate recoveries, and deposit funds on the CoinSwitch Cares portal. Rewards will begin accruing immediately, with payouts starting February 2025. In Kolkata, the initiative has generated optimism among local investors, many of whom were severely impacted by the cyberattack. Traders in the region view this as a chance to regain financial stability and re-engage in crypto trading amid a resurging market.