After a major cyber attack on WazirX recently, CoinSwitch has now taken a unique step and announced a new scheme to attract WazirX customers. CoinSwitch has launched a Rs 600 crore ($75 million) plan, under which it is promising attractive Signal-Up Rewards and higher returns to users affected in the WazirX Hack. The move is aimed at switching WazirX customers to its platform who are worried about their funds following the cyber attack in July 2024.
Objective of CoinSwitch Cares Scheme
CoinSwitch CEO Ashish Singhal launched the “CoinSwitch Cares” scheme on Tuesday. The scheme is for WazirX users who were affected by the July 2024 cyber attack in which around 4.4 million users suffered a total loss of Rs 2000 crore ($234.9 million). Under this scheme, WazirX users can now calculate their potential recovery, make deposits and receive rewards.
CoinSwitch Cares Portal
WazirX Customers can now avail attractive sign-up and referral rewards by depositing their compensation amount into CoinSwitch through the newly launched ‘CoinSwitch Cares’ portal. They will be welcomed in this portal and will also be offered high returns. CoinSwitch claims that most users can recover 100% of their losses within eight months of WazirX releasing their funds.
CoinSwitch aims to attract WazirX customers
CoinSwitch wants to attract users to WazirX through this scheme, even before WazirX starts releasing its funds. CoinSwitch is planning to take advantage of this opportunity to bring more and more users to its platform. Additionally, WazirX is still facing troubles following the cyber attack. It is currently planning to resume withdrawals by April 2025.
CoinSwitch’s strategic move
This plan of CoinSwitch WazirX While WazirX is taking time to restructure its platform. Taking advantage of this opportunity, CoinSwitch intends to expand its userbase.
WazirX competes with CoinDCX
Meanwhile, crypto platform CoinDCX has also shown interest in acquiring WazirX’s platform and its users. Neeraj Khandelwal, CEO of CoinDCX, has said that they want to help WazirX users, but it is up to WazirX if they want to. This initiative may pave the way for a stable recovery for WazirX users, but the decision lies with WazirX.
Conclusion
CoinSwitch’s “CoinSwitch Cares” scheme presents an important opportunity for WazirX customers who were affected by the cyber attack. Through this initiative CoinSwitch is attempting to attract users who want better returns and compensation. At the same time, WazirX needs more time to improve its position. At the same time, the possible acquisition plan of CoinDCX can also bring new options for the users of WazirX.
