According to Decrypt, India's Madras High Court ruled on Friday that cryptocurrencies constitute constitutionally protected property, preventing WazirX from redistributing user assets under its Singapore restructuring plan.
Judge N. Anand Venkatesh issued an injunction protecting 3,532 XRP tokens, rejecting the exchange's proposal to "socialize losses" after it suffered a $234 million hack in July 2024. The judge said that while cryptocurrency "is neither tangible property nor currency", "it is a property that can be enjoyed and owned in a beneficial form".
The ruling establishes the legal status of crypto assets as property and stipulates that assets held in custody by the exchange must be treated as client trust property. The court also rejected WazirX's argument that its Singapore court-approved restructuring automatically binds Indian users. Currently users have received only 30% of the expected funds.
Indian court rules cryptocurrencies as property, bans WazirX from redistributing users' XRP assets
2025-10-27 06:07:02
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