Madras High Court Recognizes $XRP as Property, Blocks Redistribution in WazirX Hack Case
In a landmark decision, the Madras High Court has declared XRP and other cryptocurrencies as property under Indian law. Justice N. Anand Venkatesh emphasized that crypto assets are identifiable, movable, and controllable exclusively via private keys, classifying them as a distinct form of property.
The court also granted relief to a WazirX user affected by the 2024 hack, preventing the exchange from redistributing her XRP holdings as part of its restructuring plan. This ruling sets an important precedent for how Indian courts may handle cryptocurrency claims in the future.
