Overview:
Support for WazirX Users During the Hack Crisis: Since the hack incident of WazirX in July 2024, many users of the platform have expressed distress over the situation. During this crisis, CoinDCX and its co-founders publicly supported WazirX and its users. Now, CoinSwitch has launched CoinSwitch Cares to extend help to the victims of the hack.
Commitment of CoinSwitch Toward Victims
Interestingly, CoinSwitch had already filed a case against WazirX following the hack, aiming to recover Rs. 81 crore worth of funds stuck on the platform. Despite previous legal disputes, CoinSwitch is stepping forward to assist the affected users.
Rs. 600 Crore Fund for Recovery
CoinSwitch has announced a Rs. 600 crore initiative to support the victims of the cyber attack, which resulted in the theft of $230 million in digital assets. The platform has reserved funds for the next two years to aid the recovery process. This initiative will allow users to recover their losses, earn rewards, and re-enter the crypto market.
Road to Recovery for WazirX Users
The frustration of affected users has been evident on social media, with many expressing their concerns about missing the ongoing Bitcoin rally. However, many remain hopeful as WazirX reopens, and CoinDCX has assured that it is ready to help users seeking relief through its platform.
According to Ashish Singhal, co-founder of CoinSwitch, the platform is not only focused on rebuilding the ecosystem but is also preventing Indian crypto investors from missing out on future opportunities. His goal is to restore what was lost and ensure the long-term success of the crypto industry in India.
Conclusion: The Future of India’s Crypto Landscape
The future of India’s crypto community will largely depend on how emerging crypto platforms respond to hacks and scams. The actions taken by these platforms will significantly influence the trajectory of the country’s crypto landscape in the coming years.
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