CoinSwitch Tries To Woo WazirX Users with Rs 600 crore Plan
CoinSwitch exchange has sued WazirX management in Singapore after their funds are stuck on WazirX platform for the past six months.
In a massive poaching move, CoinSwitch announced a Rs 600 crore ($75 Million) plan to woo WazirX users who have been affected by the 2024 crypto hack, by offering them lucrative sign-up rewards and higher returns.
CoinSwitch CEO Ashish Singhal rolled out the “CoinSwitch Cares,” scheme on Tuesday morning, offering a Rs 600 crore recovery program for WazirX users who were hit hard by the July 2024 cyberattack. Over 4.4 million users of WazirX platform were hit with a collective loss of Rs 2000 crore ($234.9 Million) worth of crypto funds.
Singhal explained in his X post that starting now, affected WazirX users can calculate their potential recovery, make deposits, and claim rewards through a newly launched portal ‘ coinswitch cares ’, dedicated solely to WazirX users. Any WazirX user, affected by the hack, wishes to switch to CoinSwitch, will be offered lucrative sign-up and referral rewards along with higher returns if they deposit their compensation funds that they will receive from WazirX.

According to CoinSwitch, most users can expect to recover 100% of their losses within eight months of WazirX releasing funds. Through their ‘CoinSwitch Cares’ plan, the exchange is planning to poach as many WazirX users as they can, before the latter starts releasing the remaining users funds.
This initiative comes at a time when WazirX is grappling with significant challenges. The platform, still recovering from the cyberattack and delays in withdrawals, plans to restart withdrawals by mid-April 2025. There’s also buzz about WazirX launching a decentralized exchange (DEX) for Indian users registered abroad.
Adding another twist, rival platform CoinDCX has expressed interest in acquiring WazirX platform and all its users. CEO Neeraj Khandelwal said, “ We want to help WazirX users . But it’s also dependent on WazirX. If they want to.” This could open doors to a stable recovery path for WazirX’s user base, though the ball remains in WazirX’s court.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Navigating Crypto Volatility: How Bitcoin and Altcoins Influence Your Trading Choices
Understanding the Impact of Market Volatility on Crypto Trading: A Look at the Risk and Reward in Bitcoin and Altcoins

Bitcoin Plunge Signals Opportunity to Buy as USDT Flow Peaks in Six Months
Analyzing Stablecoin Spikes amid Bitcoin's Decline: A Sign of Impending Rally or a Word of Caution?

Keeping Faith in Bitcoin: Unraveling the 2017 Cycle and the Power of HODLing Strategy
Identifying Parallels Between BTC's Current Trends and Its Performance Four Years Prior - Should Investors Hold Firm or Alter Approaches?

Fantom’s Solid Pattern of Higher Lows: What’s Next for FTM Price?

Trending news
MoreCrypto prices
More








