Madras High Court Blocks WazirX’s XRP Redistribution, Affirms Crypto as Property
The Madras High Court has ruled that cryptocurrency can be recognized as property capable of being held in trust, granting interim protection to a WazirX user whose XRP was frozen after the exchange’s 2024 hack.
Justice N. Anand Venkatesh, in an Oct. 25 order, directed WazirX’s Indian operator, Zanmai Labs, to provide a bank guarantee worth ₹9.56 lakh (around $11,500), equivalent to 3,532 XRP held by the petitioner, pending arbitration.
“The cryptocurrency was held by her in India by means of the WazirX platform,” the court noted. “Cryptocurrency is property capable of being enjoyed and possessed, and capable of being held in trust.”
The ruling came in response to a petition filed by long-time user Rhutikumari, who challenged WazirX’s move to redistribute her XRP under a “socialized loss” plan tied to its Singapore-based restructuring following a $230 million hack in 2024.
The decision marks the first major Indian court acknowledgment of digital assets as property, potentially influencing future disputes involving foreign-registered exchanges operating in India.
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