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CoinSwitch announces Rs 600 crore initiative for Crypto loss recovery program

CoinSwitch announces Rs 600 crore initiative for Crypto loss recovery program

Hyderabad, Jan 7 (UNI) CoinSwitch, India’s leading crypto platform with over 2 crore users, on Tuesday announced ‘CoinSwitch Cares,’ a groundbreaking ₹600 crore recovery program to aid users impacted by the alleged cyber attack on WazirX in July 2024.

The program aims not only to give users an opportunity to recoup losses but also to ensure the growth of the Indian crypto community, the company said in a release.

Affected users can recover losses, earn rewards, and re-enter the market with confidence through this community-focused initiative.

Starting Tuesday, users can visit the CoinSwitch Cares portal to estimate recovery, deposit funds, and claim rewards.

"At CoinSwitch, we believe in putting users first. CoinSwitch Cares is our way of supporting the Indian crypto community during challenging times while fostering long-term growth. As an industry leader, we wanted to do our bit to help the ecosystem, especially now, that the market has picked up. We don’t want crypto investors in India to miss opportunities. This program is an important step to rebuild what was lost,” said Ashish Singhal, Co-founder, CoinSwitch.

The program not only brings financial rewards to users but also enables them to participate in the current market cycle, gaining from the market price-driven upside and momentum.

“Our goal is to ensure affected users don’t miss out on the current market action and put their crypto to work at the earliest. This not only provides users an opportunity to recoup losses but also to earn from crypto trading,” Singhal added.

The program will be rolled out in a way that delivers maximum value to impacted users.

This initiative has the potential to offer significant financial relief to over four million affected users while rebuilding confidence in the Indian crypto ecosystem.

Even though the program is open for 24 months, as per our estimates (based on losses shown on WazirX today) most affected users will be able to recover 100 percent of their losses within six to eight months from when WazirX releases funds.

UNI KNR BD

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