ChainCatcher news, the Madras High Court of India ruled on Friday that crypto assets constitute property protected by the constitution, preventing WazirX from reallocating user assets under its restructuring plan in Singapore. Judge N. Anand Venkatesh issued an injunction to protect 3,532 XRP tokens, rejecting the exchange's proposal for “socialization of losses” after suffering a $234 million hacker attack in July 2024. The judge stated that while cryptocurrencies “are neither tangible property nor currency,” they “are a form of property that can be enjoyed and owned beneficially.” This ruling establishes the legal status of crypto assets as property and stipulates that assets held by exchanges must be regarded as client trust property. The court also rejected WazirX's argument that its Singapore court-approved restructuring automatically binds Indian users. Currently, users have only received 30% of the expected funds.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Ripple Plugs XRP Into $5 Trillion Banking Core
The Ripple DXC Hogan integration showcases collaboration between blockchain and established financial tech, enhancing cross-border payments and supporting stablecoin infrastructure while enabling a hybrid model in banking.
Coinfomania1h ago
Ripple quietly enters Wall Street's clearing system as it expands the XRP platform
Vương Tiễn
TapChiBitcoin3h ago
XRP Price To $100: Analyst Explains What Could Drive The Move By 2030
Ripple’s XRP price reaching $100 still sounds unrealistic to many traders, yet the argument refuses to disappear. That debate keeps returning because the projection is not always framed as hype. It is often framed as a utility case tied to liquidity, settlement, and the scale of the digital
CaptainAltcoin3h ago
