CoinSwitch has unveiled a Rs 600 crore support strategy for WazirX users affected by the 2024 hack. The new initiative offers recompensation plans and bonuses.
Targeted Plan for WazirX Users
CoinSwitch CEO Ashish Singhal announced the "CoinSwitch Cares" initiative aimed at assisting WazirX users who suffered losses during the July 2024 cyberattack. The Rs 600 crore program is aimed at recovering lost funds for over 4.4 million users.
CoinSwitch Strategy
CoinSwitch offers privileged conditions for WazirX users, including assured sign-up bonuses and fund returns. According to Singhal, users can assess their potential compensations through a new portal and take advantage of favorable switch programs. CoinSwitch expects to recover 100% of user losses within eight months of WazirX releasing funds.
Current Situation with WazirX
WazirX continues to recover from the cyberattack and plans to resume withdrawal operations by April 2025. The possibility of launching a decentralized exchange for Indian users is being considered. During this time, CoinDCX has expressed interest in acquiring WazirX and its users, which could open a path to stabilization for WazirX's clients.
CoinSwitch's initiative aims to attract WazirX users amidst significant challenges faced by the platform. Opportunities for collaboration with CoinDCX also open various paths forward for WazirX.
