CoinSwitch exchange compensates for cryptocurrency theft from WazirX

The Indian cryptocurrency exchange CoinSwitch has launched the CoinSwitch Cares fund worth 600 million rupees (approximately $69.9 million). This fund has been created to return funds to users of the WazirX platform.

The Indian cryptocurrency exchange CoinSwitch has launched the CoinSwitch Cares fund worth 600 million rupees (approximately $69.9 million). This fund has been created to return funds to users of the WazirX platform.

Due to a cyberattack in July of last year, clients of the platform lost about $234 million. The CoinSwitch Cares fund will distribute resources among the victims of the hacking attack. To receive compensation, users must provide proof of their losses in the form of reports from WazirX.

CoinSwitch will finance the fund from its own cash reserves. According to the exchange, it will take about two years to reimburse the assets to the hacking victims. The recovery program will offer three types of rewards: registration bonuses, revenue sharing, and referral bonuses.

Previously, it was reported that the management of the Indian crypto exchange WazirX intends to resume trading digital currencies by February 2025. This was stated by WazirX co-founder Nischal Shetty.