Indian cryptocurrency exchange CoinSwitch has unveiled a $70 million recovery fund for victims of the WazirX hack, aiming to support affected users while expanding its customer base. The fund, named "CoinSwitch Cares," was announced on January 7 and targets those who lost assets in the alleged July 2024 cyberattack on WazirX.

The program allows users to claim compensation by submitting WazirX loss statements as proof. To verify claims, CoinSwitch may also require additional documentation. Eligible participants will receive rewards through sign-up bonuses, revenue sharing, and referral incentives. However, direct crypto withdrawals are not yet supported; users can only sell assets and withdraw in Indian rupees.

CoinSwitch has committed to funding the initiative from its cash reserves, showcasing its financial strength. Co-founder Ashish Singhal revealed the exchange has sufficient capital to sustain the program over two years, citing the ongoing crypto bull market as a contributing factor to its robust position.

The recovery fund also doubles as a strategic move to attract WazirX’s 4 million users, many of whom were left stranded after the exchange suspended withdrawals following a $235 million hack. The breach has sparked debate in the crypto community, with WazirX’s custody provider, Liminal, accusing the platform of using compromised devices.

Founded in 2017, CoinSwitch boasts over 20 million users and substantial backing from industry giants like Andreessen Horowitz and Tiger Global. By launching this recovery program, CoinSwitch positions itself as a savior in India’s crypto ecosystem, seizing the opportunity to grow amidst its rival’s setbacks.

This bold initiative marks a significant turning point in the Indian crypto landscape, highlighting CoinSwitch’s ambition to lead and rebuild trust within the community.