Hey there PoI readers! 💫 

It's your favorite crypto connoisseur, Mochi, back with another serving of jaw-dropping digital drama! From CoinSwitch's $70M rescue mission and Michael Barr's Fed farewell to Czech Republic's Bitcoin flirtation and Canada's crypto-loving potential PM, we've got more plot twists than a blockchain telenovela! So grab your favorite beverage, settle in, and let's dive into this week's most fascinating crypto chronicles! 🌐 🎭

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INTEL BRIEF

🟧 Indian crypto exchange CoinSwitch launches a massive ₹600 crore ($70M) recovery fund to aid victims of the controversial WazirX hack, while conveniently scooping up new customers in the process.

🟧 Federal Reserve Vice Chair Michael Barr announces resignation amid controversy over his alleged role in "Operation Chokepoint 2.0" and crypto industry debanking efforts.

🟧 Czech National Bank's governor Aleš Michl stirs the crypto pot by considering Bitcoin for national reserves, while the US Bitcoin Act gains momentum across party lines.

🟧 Justin Trudeau announces resignation, crypto community buzzes about potential PM Pierre Poilievre's past promises to transform Canada into a crypto hub.

CoinSwitch Drops $70M Recovery Plan To Save WazirX Hack Victims

In what might be the most expensive customer acquisition strategy of 2025 (or just incredibly generous – you decide!), CoinSwitch has announced a whopping ₹600 crore ($70M) recovery fund for users affected by WazirX‘s alleged security breach last July. Talk about turning someone else's lemons into your own sweet lemonade!

The program, aptly named "CoinSwitch Cares" (aww, how thoughtful!), comes with a two-year distribution timeline and aims to help approximately four million WazirX users who've been left hanging since the controversial $235M hack. But before you start celebrating, there's some fine print to digest!

To get a slice of this recovery pie, users need to prove they've actually lost their digital dough by providing WazirX loss statements. CoinSwitch is offering a triple-threat of goodies: sign-up bonuses, revenue sharing, and referral bonuses. Though here's the kicker – while you can sell your crypto and withdraw in rupees, direct crypto withdrawals are currently not supported.

The plot thickens with some behind-the-scenes drama, as WazirX's custody provider, Liminal, pointed fingers at the exchange for allegedly using compromised devices. Meanwhile, CoinSwitch's co-founder, Ashish Singhal, is flexing the company's financial muscles, stating they're funding this rescue mission "directly from our pockets" with a comfortable "five-year runway" to boot.

With backing from heavy hitters like Andreessen Horowitz and Tiger Global, and a robust 20 million user base, CoinSwitch is playing chess while others are playing checkers in the Indian crypto market.

CoinSwitch launches ₹600 crore ($70M) recovery fund for WazirX hack victims, targeting 4M users

Users must provide loss statements to claim compensation; crypto withdrawals not supported

Program funded from CoinSwitch's reserves, showcasing the exchange's financial strength and strategic market positioning

Crypto Industry Celebrates As FED Regulator Michael Barr Steps Down

Michael Barr, the Federal Reserve's vice chair for supervision, is pulling a classic "peace out ✌️" move, announcing his resignation effective February 28th. But don't worry folks, he's not completely ghosting us – he'll still be hanging around as a member of the Federal Reserve Board of Governors.

Now, if you're wondering why this is such a big deal, Barr has been viewed as the mastermind behind what crypto folks dramatically dubbed "Operation Chokepoint 2.0" – a supposed federal effort to give crypto companies the cold shoulder in banking. Remember that time he basically told banks that holding crypto was about as safe as juggling fiery chainsaws? Yeah, that was him with his infamous quote about it being "unsafe and unsound for banks to directly own crypto-assets."

The crypto community is practically throwing a virtual party over this news. Senator Cynthia Lummis didn't hold back, essentially saying Barr failed at his job harder than a corrupted smart contract. Meanwhile, Custodia Bank CEO Caitlin Long went full caps-lock mode, crowning him "THE FED'S DEBANKER-IN-CHIEF" (spoiler alert: not a compliment).

But, Despite being crypto's apparent nemesis, Barr previously advised at Ripple and actually pushed for sensible stablecoin regulation.

The timing is particularly spicy as Coinbase recently got the green light to peek behind the curtain at some unredacted FDIC files about this whole Operation Chokepoint 2.0 business. It's like a regulatory reality show, but with more acronyms!

Federal Reserve Vice Chair Michael Barr announces resignation, effective February 28th, amid controversy over crypto industry debanking

Crypto community celebrates exit, viewing him as key figure in "Operation Chokepoint 2.0"

Coinbase gains access to investigate alleged coordinated efforts to restrict crypto activity through FDIC documents

Czech National Bank Governor Considers Bitcoin For Country Reserves

In a move that probably made traditional bankers spill their coffee, Czech National Bank governor Aleš Michl annouced on CNN Prima News by casually mentioning he's thinking about adding "a few Bitcoin" to the country's foreign exchange reserves. Though before you get too excited, the bank's adviser Janis Aliapulios was quick to do the classic "well, actually..." saying they're not currently planning to buy any crypto. Way to burst our bubble, Janis!

While the Czech bank is playing it cool with their "maybe later" approach, they're still going all-in on gold, aiming to bump their shiny metal holdings to 5% of total assets by 2028. Meanwhile, Bitcoin's been showing off like an overachiever, flexing a 131% gain compared to gold's modest 30% rise last year.

Speaking of gains, across the pond, the US Bitcoin Act is gaining more traction than a snowball rolling down a hill. With Trump's victory in the 2024 election (according to sources) and an incoming Republican Senate majority, this bill might actually have legs! The coolest part? It's got support from both sides of the political aisle – even Democratic Rep. Ro Khanna is jumping on the Bitcoin bandwagon!

And if you think that's exciting, hold onto your hardware wallets because Blockstream's Adam Back is out here predicting Bitcoin could hit the $1 million mark if the Bitcoin Act passes. No pressure, lawmakers!

Czech National Bank governor considers Bitcoin for reserves while sticking to gold strategy for now

Bitcoin outperformed gold with 131% gains last year, catching attention of institutional players

US Bitcoin Act gains bipartisan support, with predictions of $1M Bitcoin price if passed

From Shawarma to Parliament: Canada's Potential Crypto-Friendly PM

In a plot twist that has crypto Twitter more excited than a Bitcoin maximalist during a bull run, Canadian PM Justin Trudeau's resignation announcement has thrust opposition leader Pierre Poilievre into the spotlight. And boy, does this potential future PM have some interesting crypto skeletons in his digital wallet!

Back in March 2022, Poilievre pulled the ultimate crypto flex by buying a shawarma with Bitcoin. During this legendary lunch, he boldly declared his vision to transform Canada into the "blockchain and crypto capital of the world." Move over Silicon Valley, make way for Crypto Canada, eh?

The numbers are looking sweeter than maple syrup for Poilievre's Conservative Party, currently crushing it with a 24-point lead over the Liberals and a whopping 98% chance of securing a majority. That's what we call a landslide in political-speak!

Our potential crypto-PM isn't just talk – he reportedly had some skin in the game with shares in the Purpose Bitcoin ETF (though they mysteriously vanished from his disclosure forms by November 2023 – spooky!). He's also been throwing shade at the Bank of Canada, calling them "financially illiterate" and promising to block their CBDC plans.

Meanwhile, Trudeau's stepping down amid drama that includes potential Trump tariffs and party squabbles. The clock's ticking with a federal election deadline of October 20, and whoever wants to run the show needs to snag 172 seats in the House of Commons.

Conservative leader Pierre Poilievre, who once bought shawarma with Bitcoin and promised to make Canada a crypto hub, leads polls by 24 points

Trudeau announces resignation amid political pressure and economic concerns

Federal election must be called by October 20, with 172 seats needed for majority government

And that's all the tech tea I've got for you today, my wonderful PoI readers! 🍵 From recovery funds to resignations, and national banks eyeing Bitcoin to potential crypto-friendly leadership in Canada, it's been quite the rollercoaster! Remember to stay curious, stay vigilant, and keep your private keys private! Until our next crypto adventure, this is Mochi, your favorite ice cream-named newsletter writer, signing off! 🌟 

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. very voice matters in the PoI community! 📣❤️ Share the newsletter

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