WazirX hack victims to receive aid from new CoinSwitch fund

CoinSwitch announced its $70 million “CoinSwitch Cares” recovery program aimed at helping WazirX users recover losses from the July 2024 cyberattack.

The two-year initiative aims to restore trust in India’s crypto ecosystem by providing financial assistance to affected individuals.

Announcement is being made #CoinSwitchCares – ₹600 Crore recovery fund for WazirX users.

CoinSwitch Cares is a ₹600 crore recovery program to help WazirX users who lost money due to the alleged cyber attack in July 2024. With this two-year program, we want to help affected users recoup their money… pic.twitter.com/Ql0TG25ztu

— CoinSwitch: India’s Simplest Crypto App 🚀 (@CoinSwitch) January 7, 2025

The program offers WazirX users the chance to estimate their losses, get some of their funds back and win additional rewards.

To participate, users must complete four steps: calculate their losses using the tool provided by CoinSwitch, register on the platform and complete the Know Your Customer process, deposit funds from any source, and transfer recovered funds from WazirX to maximize benefits.

Participants can earn up to 10% of the money they deposit through the program for two years. Additionally, CoinSwitch will redistribute trading revenue from the initiative based on the victims’ proportionate losses.

Additionally, users can refer other affected WazirX customers and earn up to 5% of the deposited money as a referral reward.

WazirX hack in 2024

For context, cryptocurrency exchanges like WazirX allow users to trade digital assets like Bitcoin (BTC) or Ethereum (ETH). However, they can also be the target of cyber attacks that can cause significant financial losses.

WazirX cryptocurrency exchange was hacked in July 2024, leading to the theft of over $2 million in user funds. Attackers seized assets by exploiting a vulnerability in the platform’s smart contract system. WazirX has temporarily ceased operations and assured users that an investigation is ongoing to recover the stolen funds.

Another crypto platform, CoinSwitch, is stepping in to provide financial assistance and rebuild trust in the community.