CoinSwitch Launches a Recovery Plan for WazirX Users

India’s largest cryptocurrency platform, CoinSwitch, has launched a recovery program for users affected by the WazirX hack in July 2024.

The program, called CoinSwitch Cares, has a budget of ₹600 crores and is expected to provide relief to approximately four million users who were impacted by the hack resulting in a loss of $230 million, which is 45% of WazirX’s crypto assets.

This initiative is timely as the crypto industry is experiencing a surge in virtual digital asset (VDA) prices, with Bitcoin reaching an all-time high of ₹1,08,319 last month.

With over two crore users, CoinSwitch is using its cash reserves to fund the program, having raised $300 million so far from well-known investors such as Andreessen Horowitz (a16z), Tiger Global, Peak XV Partners, Ribbit Capital, Paradigm, and Coinbase Ventures.

The recovery plan, which will last for 24 months, is designed to help WazirX users recover their losses, receive rewards, and re-enter the crypto market.