After the $234 million hack that rocked the Indian crypto community last year, relief might be on the way.
CoinSwitch, another homegrown crypto exchange, has stepped up to help those affected by unveiling a $70 million recovery program.
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The CoinSwitch Care initiative
CoinSwitch has launched CoinSwitch Care, which wants to distribute this recovery fund to WazirX users over the next two years.
Affected users can expect to receive their funds in either Indian Rupees or crypto, and there’s no lock-in period, so you can withdraw or trade as you please!
Since WazirX is still unable to process crypto withdrawals, CoinSwitch plans to track claims and ensure fair distribution once WazirX reopens its withdrawal system.
CoinSwitch is footing the bill for this initiative entirely out of its own pocket. The recovery program is targeting around 4 million WazirX users, and funds will be distributed based on user balance statements, including trading revenue from the program.
The helping hand
To sweeten the deal, eligible users can get up to 10% in upfront rewards just for signing up, plus, there’s a 5% referral bonus for bringing other affected users on board.
While WazirX continues to recover from that massive security breach last July, users can look forward to gradually getting their funds back.
WazirX is still navigating some choppy waters. The exchange held its third Committee of Creditors meeting on December 12 and 14, to discuss the terms of a Scheme of Arrangement filed with the Singapore High Court.
This meeting wanted to provide more details about how they plan to distribute funds while launching new business initiatives.
We’re all in this together?
WazirX’s parent company, Zettai Pte Ltd, is committed to maximizing recoveries for creditors.
The first distribution of rebalanced Net Liquid Platform Assets is set to happen within ten business days after the scheme goes into effect.
In a show of solidarity amid WazirX’s struggles, CoinDCX co-founder Neeraj Khandelwal expressed interest in absorbing WazirX’s 4.4 million stranded users, pending cooperation from WazirX management.
“We want to. But it’s also dependent on WazirX. If they want to.”
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