CoinSwitch, a cryptocurrency investment platform, announced on January 7th, 2024, 'CoinSwitch Cares,' a 600-crore recovery program to assist users affected by the July 2024 WazirX hack.

Currently, CoinSwitch is also suing WazirX to retrieve two percent of its funds, totaling Rs 12.4 crore in Indian rupees, that are stuck with WazirX. Almost half of WazirX's cryptocurrency holdings, or $230 million, were lost during a cyberattack on one of its multisig wallets on July 18, 2024.

CoinSwitch will assist WazirX users with estimating recovery, depositing funds, and claiming rewards through this new recovery program.

Funds can be deposited to access the program, or users can wait for WazirX to release their funds before depositing them to CoinSwitch.

The 24-month program's features include guaranteed signup rewards, which allow users to earn up to 10% of the money deposited over a two-year period; revenue redistribution via CoinSwitch, which pools trading revenue from the program and distributes it to the impacted users according to their losses; and referral rewards, which allow users to earn up to 5% of the money deposited by referring other impacted users to the program.

With almost 33 percent of Indian cryptocurrency users either holding accounts or having funds in the exchange, WazirX is undoubtedly the biggest cryptocurrency exchange in the nation. CoinSwitch has about 2 crore users, whereas WazirX has over 4 million.

"CoinSwitch Cares is our way of supporting the Indian crypto community during challenging times while fostering long-term growth," stated Ashish Singhal, Co-Founder of CoinSwitch. This program is a crucial step in restoring what was destroyed.

"Our objective is to make sure impacted users don't miss out on the current market action and use their cryptocurrency as soon as possible," he continued.