WazirX: CoinSwitch Steps In To Help After CoinDCX

WazirX: Help Comes As Affected Users Express Distress

WazirX: Hack-Affected Users To Re-Enter The Crypto Market?

Recently, CoinDCX and its two co-founders came up on social media to support WazirX and its users. The WazirX users have been having hard times since the WazirX hack of July, 2024. Now, CoinSwitch has introduced CoinSwitch Cares to show support to the victims.

What’s interesting here is that CoinSwitch has earlier initiated a legal action against WazirX after the heist to recover its Rs. 81 crore worth of funds stuck on the platform. 

CoinSwitch’s Plan

The crypto platform has started the Rs. 600 crore initiative to help the victims of the alleged cyber attack on WazirX, which comprises a theft of $230 million worth of digital assets. 

CoinSwitch says that it has earmarked funds for two years for the affected users to recover losses, earn rewards and re-enter the crypto market.

The victims have been posting their grievances on social media related to their inability to cash in on the ongoing Bitcoin rally. WazirX, currently, is in process of reopening.  

CoinDCX

CoinDCX had also earlier shared its willingness to help the affected company and the users, however also expressed the hurdles in doing so. It said it was ready to help in case the company and its people try approaching the co-founders at CoinDCX.

Meanwhile, CoinSwitch’s co-founder Ashish Singhal has spoken of his cryptocurrency company aims to help the ecosystem, prevent India’s crypto investors from missing out opportunities, and rebuild what was lost.

Bottom Line

The Indian crypto community and its future will largely depend on how the emerging crypto firms perform as well as how they manage such hacks and other crypto scams.