CoinSwitch has announced CoinSwitch Cares, a ₹600 crore ($70M) recovery fund to assist WazirX users impacted by the cyber attack in July 2024. This initiative aims to help users recover their losses over a two-year period while strengthening trust in India’s crypto ecosystem.
In July 2024, WazirX, a cryptocurrency exchange, suffered a significant security breach in which hackers reportedly exploited vulnerabilities in the platform’s transaction signing process. This allowed them to steal approximately $235 million worth of digital assets.
The attackers, suspected to be associated with the North Korean Lazarus Group, accessed WazirX’s wallets by tricking the system into approving unauthorized transactions. This incident raised concerns about the exchange’s security practices, including insufficient safeguards in multi-signature wallets and reliance on insecure platforms for transaction verifications.
The attack forced WazirX to halt all crypto and rupee withdrawals, leaving users unable to access their funds. Following the breach, WazirX faced criticism for its delayed response to the attack and its inability to recover the stolen assets. Efforts to identify and mitigate these risks have since been highlighted by external security experts and industry stakeholders.
In an effort to support the affected users, CoinSwitch has created the CoinSwitch Cares fund. CoinSwitch is one of India’s leading cryptocurrency platforms that offers users a simple and secure way to trade and invest in digital currencies.
Founded in 2017, the firm initially served as a global aggregator for cryptocurrency exchanges. However, it shifted its focus to India in 2020 and introduced CoinSwitch Kuber, a mobile app aimed at simplifying crypto investments for retail users.
It supports a variety of cryptocurrencies, including Bitcoin, Ethereum, and altcoins, and ensures compliance with Indian regulatory norms. With over 18 million registered users as of 2025, CoinSwitch has also expanded its services beyond crypto trading to include personal finance tools.
Read also: Crypto Wallet Provider Liminal Denies Role in WazirX’s $235M Hack
According to CoinSwitch, the recovery fund is designed to provide financial relief and encourage continued participation in the cryptocurrency market. CoinSwitch intends to make the recovery process simple and transparent, offering a range of benefits for eligible users.
The recovery program follows a straightforward process. First, affected users can use a calculator provided by CoinSwitch to estimate the recovery amount they might receive. Next, they must sign up on CoinSwitch, complete the mandatory KYC process, and activate their accounts.
Users can then begin depositing either INR or cryptocurrency from any platform. Once WazirX resumes withdrawals, users can transfer their funds directly to CoinSwitch to maximize their recovery benefits.
The program offers various rewards for participants. Eligible users can earn up to 10% of the funds they deposit through the program over the two-year period. Additionally, CoinSwitch plans to redistribute trading revenue generated from the program, ensuring users receive a share proportional to their losses. Users can also benefit from referral rewards, earning up to 5% of the deposits made by other affected WazirX users they refer.
