CoinSwitch to compensate WazirX users after hacking
Date: 2025-01-09 Author: Oliver Abernathy Categories: BUSINESS
The CoinSwitch Cares fund was created to compensate WazirX customers who lost almost $234 million as a result of the hacking attack. Each user who was hacked can apply for compensation by providing documents proving their losses. CoinSwitch requires that the evidence be based on WazirX's reporting data.
The fund will be financed by CoinSwitch, and the reimbursement process is planned to be completed within two years. Affected users will be offered several forms of support: registration bonuses, participation in revenue sharing, and rewards for attracting new users.
At the moment, WazirX users are able to sell cryptocurrency and withdraw funds in rupees, but direct withdrawal of digital assets remains unavailable. CoinSwitch also plans to verify the amount of damage by reconciling the balance sheet data of the WazirX platform.
The CoinSwitch Cares initiative emphasizes the importance of protecting users and building trust in the cryptocurrency market by offering a comprehensive approach to restoring justice after a large-scale attack.
