Indian Court Blocks WazirX From Redistributing User XRP, Calls Crypto ‘Property’
India’s Madras High Court has halted crypto exchange WazirX from reallocating a user’s XRP tokens as part of its Singapore restructuring, recognizing cryptocurrency as property capable of being held in trust.
The Oct. 25 order by Justice N. Anand Venkatesh directed Zanmai Labs, WazirX’s local operator, to furnish a bank guarantee of ₹9.56 lakh ($11,500) matching the value of 3,532 XRP belonging to petitioner Rhutikumari.
WazirX halted withdrawals in July 2024 after a $230 million hack targeting wallets managed by Singapore custodian Liminal. Its Singapore-based parent, Zettai Pte. Ltd., has since undergone court-supervised restructuring.
While the Singapore High Court recently approved WazirX’s recovery plan, the Madras ruling suggests Indian users can seek domestic recourse despite foreign jurisdiction.
