On January 7, 2025, CoinSwitch announced a substantial recovery fund of ₹600 crore (approximately $69.9 million) to assist users affected by a significant hack on WazirX that occurred in July 2024.

This growing solidarity aims to address user losses and strengthen the overall ecosystem, with CoinSwitch leading the charge through its recovery program.

CoinDCX, another prominent Indian crypto exchange, has also expressed intentions to support WazirX users while exploring funding options, contingent on court approval for WazirX's restructuring.

Participants in the program can earn sign-up rewards of up to 10% on deposited funds and referral bonuses of up to 5% for bringing in other affected users.

Before registering, users can estimate potential recoveries using a CoinSwitch Cares calculator, which requires KYC verification.

This initiative, dubbed 'CoinSwitch Cares', is designed to help users recover losses incurred during the alleged cyberattack, which resulted in around ₹1,900 crore (about $230 million) being stolen from WazirX users' accounts.

The hack has raised serious concerns regarding WazirX's security protocols, particularly regarding its custody provider, Liminal, leading to scrutiny of the exchange's practices.

As one of the largest losses in recent cryptocurrency history, the incident has prompted a collaborative response among exchanges in the Indian market.

The CoinSwitch Cares program includes various rewards such as sign-up bonuses, revenue sharing, and referral bonuses, although it currently does not support direct crypto withdrawals.

The program aims to enable WazirX users to recover up to 100% of their lost funds over a span of two years.

Affected users can claim funds by providing proof of their losses, specifically WazirX loss statements, which CoinSwitch will use to screen and determine eligibility.

CoinSwitch will finance this recovery initiative from its cash reserves, with co-founder Ashish Singhal asserting that the company is well-positioned in the current market with a five-year runway.