CoinSwitch announced a $70 million recovery program, “CoinSwitch Cares,” aimed at helping WazirX users recover losses resulting from the July 2024 cyber attack.
The two years initiativeIt seeks to restore confidence in India's cryptocurrency ecosystem by providing financial relief to affected individuals.
The program offers MinisterX An opportunity for users to estimate their losses, recover part of their money and earn additional rewards.
To participate, users must complete four steps: calculate their losses using the provided CoinSwitch tool, register on the platform and complete the KYC process, deposit funds from any source, and transfer their refund from WazirX to maximize benefits.
Participants can earn up to 10% of the money they deposit through the program over the course of two years. Additionally, CoinSwitch will redistribute trading revenue from the initiative based on the victims' proportionate losses.
In addition, users can refer others Affected WazirX customers And earn up to 5% of your deposited funds as a referral bonus.
WazirX hack in 2024
For context, cryptocurrency exchanges like WazirX allow users to trade digital assets like Bitcoin (Bitcoin) or Ethereum (Ethereum). However, they can also be targets of cyber attacks, which can result in significant financial losses.
Cryptocurrency exchange WazirX It has been hacked In July 2024, resulting in the theft of more than $2 million in user funds. Attackers exploited a vulnerability in the platform's smart contract system to steal assets. WazirX has temporarily suspended operations and assured users that an investigation is underway to recover the stolen funds.
CoinSwitch, another cryptocurrency platform, is stepping in to provide financial support and rebuild trust within the community.
Source link