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
XRP Community Reacts as Ripple Prime Officially Joins NSCC Directory
Ripple Prime’s addition to the NSCC directory connects Ripple’s brokerage operations directly to Wall Street’s clearing system.
XRP community members view the listing as a step toward routing institutional post-trade activity onto the XRP Ledger.
Ripple Prime, the prime brokerage division
CryptoNewsFlash48m ago
Australia Approves AUD Stablecoin On XRP Ledger
Australia continues to move deeper into regulated digital finance. The country has now approved a new AUD stablecoin built on blockchain infrastructure. This decision signals growing confidence among regulators toward blockchain innovation. It also shows how governments now explore regulated digital
Coinfomania5h ago
Solana and XRP prices stabilize, US employment report may trigger a new round of crypto market volatility
Solana and XRP prices are gradually stabilizing after market fluctuations, with traders focusing on the upcoming U.S. employment report. Solana is close to $90.9, and a breakthrough of $95 could push it toward $100; XRP is around $1.42, and increased buying pressure could push it up to $1.50. The movements of both are influenced by employment data, and analysts believe this will be a key catalyst.
GateNews5h ago
Hex Trust Joins Doppler Finance to Make $XRP Multi-Chain With Wider Use Cases
Hex Trust has partnered with Doppler Finance to enhance the institutional use of wrapped XRP ($wXRP) by connecting it to the broader DeFi ecosystem. This collaboration aims to create multi-chain opportunities, focusing on rewards generation, regulated custody, and scalable liquidity for $XRP.
BlockChainReporter5h ago
XRP derivatives open interest approaches $2.23 billion, with short liquidations accelerating
As the activity of XRP futures and perpetual contracts trading increases, the open interest approaches $2.23 billion. The rise in leveraged trading has led to concentrated liquidations of short positions, especially during rapid price increases, requiring traders to add margin. Analysis indicates that increased market volatility reflects a strong battle over the future price direction.
GateNews7h ago
