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News


COINSWITCH EXCHANGE ANNOUNCES RECOVERY PROGRAM FOR WAZIRX VICTIMS, FACES
BACKLASH

ByMichael Ndu-okeke 8 hours ago


Ashish Singhal, CEO of Indian exchange Coinswitch announced a recovery program
for victims of the $230 million WazirX hack that occurred in July 2024. 

The recovery program however drew backlash from members of the Wazir X community
as it is perceived as a marketing strategy rather than a genuine effort to
help. 

Singhal announced this new recovery program on X explaining that the program’s
objective is not only to assist users in recovering losses but also to promote
the growth of India’s  crypto ecosystem. 



“ Today, we’re launching ‘CoinSwitch Cares,’ a Rs 600 crore recovery program to
help WazirX users who lost money due to the alleged cyberattack of July 2024.

The program aims not only to allow users to recoup losses but also to ensure the
growth of the Indian crypto community. Starting today, affected users can
recover losses, earn rewards, and re-enter the market with confidence through
this community-focused initiative.” Singhal stated. 

The tweet further outlined steps to join the program for interested WazirX
victims looking to come on board. It includes sign-up details and potential
rewards available in the recovery program. 


HOW COINSWITCH CARES WORKS

The recovery program, branded as “CoinSwitch Cares,” encourages WazirX users to
estimate their losses, create a CoinSwitch account, and transfer their funds
once withdrawals are available. New users are liable to various Rewards like
Signup rewards, Revenue redistribution, and referral rewards designed to
incentivize them. 

CoinSwitch hopes to elevate the Indian  Crypto community and repair the
reputational damage done to the community by the $230 million Wazir X hack. 


BACKLASH 

The Initiative by Coinswitch CEO was met with stiff backlash on X from the
Indian crypto community who accused the CEO of trying to exploit a tragedy for
marketing gimmicks. 

> Good initiative by CoinSwitch, but more than a recovery program it sounds like
> a marketing strategy.
> 
> It’s only valid once WazirX allows withdrawals, and then users need transfer
> those funds to CoinSwitch to maximize their recovery benefits by 5-10%.
> 
> If you lost funds in… https://t.co/F6pXA3gDGG
> 
> — IshitaPandey.eth (@IshitaaPandey) January 7, 2025

The Critics believe that the timing of the program makes it suspicious and
clouds the supposed good gesture of the entire program. 

In addition to the critics, the Critics also believe that users who lost huge
funds to the WazirX hack will not be looking to transfer their funds to another
centralized exchange. 

A WazirX user and supposed victim raised concerns about the initiative’s
long-term effectiveness stating that the entire program looks like a marketing
Stunt for CoinSwitch. 


BACKSTORY 

In July 2024, Web 3 security experts Cyvers alerted the crypto community to a
whopping $230 million loss on India’s biggest exchange. 

The Wazir X hack remains the biggest hack of 2024 and drew outrage amid the
crypto community. The hackers compromised the platform’s multi-signature wallet
and made away with over $230 million worth of crypto assets belonging to Wazir X
users.  

Wazir X has unsuccessfully tried various recovery methods including promising
white hat hackers 10% of recovered loot and trying a social loss-sharing method
that sought to share losses amongst all members of the platform. 

Tags: CoinswitchCoinswitchcareswazirx
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Written by

MICHAEL NDU-OKEKE

I am Michael Ndu-Okeke, an Experienced crypto reporter and analyst covering the
intriguing world of Cryptocurrencies and its market. My work focuses on
informative news, industry trends and research explaining the  crypto industry
to a wide range of readers.

View all posts by Michael Ndu-okeke

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