Indian cryptocurrency exchange CoinSwitch has introduced a recovery fund of 600 crore Indian rupees ($69.9 million) aimed at assisting victims of the WazirX hack. Announced on January 7, CoinSwitch Cares is designed to help users who suffered losses during the alleged security breach. To qualify for the fund, affected users must provide proof of their losses through WazirX loss statements. CoinSwitch plans to offer various incentives, such as sign-up bonuses and revenue sharing, while users will be able to sell their crypto and withdraw in rupees. The recovery program will be funded directly from CoinSwitch’s cash reserves, with co-founder Ashish Singhal confirming they have sufficient financial stability to support the initiative. The goal is to target roughly four million WazirX users affected by the hack, which led to a significant halt in operations at WazirX after an alleged $235 million breach in July 2024. CoinSwitch intends to streamline the recovery process by verifying user claims against balance statements.

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