CoinSwitch Starts INR 600 Cr WazirX Hack Victim Recovery Program

SUMMARY In order to assist WazirX users affected by the significant $230 million (INR 1,900 cr) cyberattack that occurred last year, CoinSwitch initiated an INR 600 Cr recovery scheme. Through incentives, money deposits, and revenue redistribution, the company hopes to assist impacted users in recovering their losses through the "CoinSwitch Cares" project. In essence, the program is an attempt by the cryptocurrency platform to attract WazirX users.To help users of WazirX, a compromised cryptocurrency exchange that suffered a huge $230 million (INR 1,900 crore) cyberattack last year, cryptocurrency unicorn CoinSwitch has started an INR 600 cr recovery scheme.

The company hopes to assist impacted individuals in compensating for their losses, depositing money to benefit from the current cryptocurrency market boom, and receiving incentives through the program called "CoinSwitch Cares."Cybercriminals from North Korea are said to have breached WazirX in July 2024, removing over $234 million in cryptocurrency assets from one of its wallets. Over 4 million Indian customers suffered significant losses as a result of the cyberattack, which also damaged confidence in the country's cryptocurrency market.In essence, the project is an attempt by the cryptocurrency platform to acquire WazirX users. Ashish Singhal, cofounder and CEO of CoinSwitch, stated during a virtual "Ask Me Anything" session that the company has launched the CoinSwitch Shares program in an effort to win back the trust of the Indian cryptocurrency community.