TechFlow news, January 8 — According to Cointelegraph, Indian crypto exchange CoinSwitch announced the launch of a 6 billion Indian rupee (approximately $69.9 million) "CoinSwitch Cares" relief fund aimed at assisting users who suffered losses from the July 2024 WazirX cyberattack, while also seeking to attract WazirX users. The program will distribute funds to affected users over two years to support the development of India's cryptocurrency ecosystem.
Under the CoinSwitch Cares program, affected users must provide proof of losses incurred on WazirX and any other requested documentation to apply for assistance. The initiative offers three types of rewards: registration bonuses, revenue sharing, and referral bonuses. Users may sell their cryptocurrency and withdraw funds in rupees, though direct cryptocurrency withdrawals are currently not supported.
CoinSwitch co-founder Ashish Singhal stated that the company would personally finance this two-year initiative using its own cash reserves. He added that once WazirX restores cryptocurrency withdrawal capabilities, it will become easier for CoinSwitch to verify user claims and calculate corresponding rewards.
