In brief
- India’s Madras High Court ruled Friday that crypto constitutes property protected under constitutional law, blocking WazirX from reallocating user assets under its Singapore restructuring plan.
- Justice N. Anand Venkatesh granted an injunction protecting 3,532 XRP tokens, rejecting the exchange’s “socialization of losses” scheme following the July 2024 hack that drained $234 million.
- The ruling “strengthens consumer protection for crypto-holders and paves the way for clearer regulatory frameworks,” though India still lacks comprehensive oversight, experts told Decrypt.
XRP holders scored a victory in India after a court ruled that cryptocurrencies qualify as property under law, marking one of the country’s clearest legal acknowledgments of digital asset ownership.
The Madras High Court on Friday barred WazirX, India’s largest crypto exchange, from redistributing a customer’s 3,532 XRP holdings to offset losses from a $234 million hack that hit the platform in July last year.
Justice N. Anand Venkatesh said the user’s XRP tokens, purchased in January and unaffected by the incident, could not be diluted under the exchange’s “socialization of losses” plan.
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Author: Vismaya V
