The distribution of $70 million in reparation cash to WazirX customers who lost money as a result of an alleged breach last year is anticipated to take two years, according to CoinSwitch.
Cryptocurrency exchange in India By providing a restitution fund to victims of the WazirX breach, CoinSwitch hopes to attract users away from the compromised rival exchange. On January 7, CoinSwitch formally announced the opening of a 600 crore Indian rupee ($69.9 million) WazirX hack recovery fund on X.
The company’s recovery fund, “CoinSwitch Cares,” was established to assist WazirX customers who suffered financial losses as a result of a purported incident in July 2024. In an effort to strengthen the Indian cryptocurrency market, CoinSwitch will disburse the money to the impacted consumers within two years.
Any user impacted by the purported security issue at WazirX may submit a claim for money via the scheme, according to official data from CoinSwitch Cares. CoinSwitch will provide three different kinds of incentives as part of the program: referral bonuses, income sharing, and sign-up bonuses.
CoinSwitch pointed out that while users may sell their cryptocurrency and get their money back in rupees, straight cryptocurrency withdrawals are not enabled at this time.CoinSwitch will provide three different kinds of incentives as part of the program: referral bonuses, income sharing, and sign-up bonuses.
CoinSwitch pointed out that while users may sell their cryptocurrency and get their money back in rupees, straight cryptocurrency withdrawals are not enabled at this time. The local news outlet Business Standard said that CoinSwitch would use its cash holdings to pay for the two-year rehabilitation program.
Also Read: Together, Ripple and Chainlink transform DeFi with RLUSD
Wallets