- Madras High Court rules XRP and crypto qualify as property under Indian law.
- Justice N. Anand Venkatesh presides over the case linked to the WazirX 2024 cyber attack.
The High Court in Madras has taken a monumental decision to recognize XRP and other cryptocurrencies as property under Indian law. The case was presided over by Justice N. Anand Venkatesh and arose from the disastrous cyber attack on the WazirX exchange in July last year. The ruling establishes important precedent related to digital assets ownership rights in the legal architecture of India and provides clarity to cryptocurrency investors throughout India.
The case concerned an investor who bought 3,532.30 XRP tokens for ₹1,98,516 in January, prior to WazirX experiencing the large security breach. This breach caused more than $230 million in losses in Ethereum and ERC-20 tokens, resulting in the exchange indefinitely freezing user accounts
The investor contended that her XRP holdings are separate from stolen Ethereum assets and the exchange is holding them in trust. The investor sought protection under Section 9 of the Arbitration and Conciliation Act to prevent her holdings from being redistributed to other affected users.
Court Rejects Exchange’s Defense
Zanmai Labs, the operator of WazirX, countered the petition by pointing to a ruling from the Singapore courts that mandates all users share hack-related losses in a proportional manner. The exchange argued that Zettai Pte Ltd, a Singapore entity, was subject to its foreign jurisdiction ruling, effectively prohibiting individual claims to assets. Justice Venkatesh rejected the defense absolutely and found that the plaintiffs’ XRP holdings were not implicated by the breach involving Ethereum and should be dealt with separately.
The court cited the Section 2(47A) of the Income Tax Act, according to which cryptocurrencies are categorized as virtual digital assets that have measurable ownership properties. Justice Venkatesh stressed that cryptocurrencies can be recognized, transported, and handled only with the help of private keys, which is why they are a unique type of property in law.
He stated that Indian courts will have jurisdiction over assets based in India, even where there are multiple proceedings over those assets through arbitration anywhere in the world, if the transaction or event gave rise to the commodity was banked through the Indian banking system. This ruling signifies a landmark moment in the developing regulatory framework of cryptocurrencies in India and standards for the protection of investors.
Highlighted Crypto News Today:
Uptober Turns Downbeat as Bitcoin Faces Its Weakest October Since 2018
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
Glassnode Data: Most XRP Supply in Loss, What It Means for Investors
Glassnode data shows 36.8 billion XRP, nearly 60% of the circulating supply, is held at a loss, with unrealized losses reaching $50.8 billion.
XRP traded near $1.34, while futures volume jumped on BitMEX and Binance as ETF outflows and weak spot activity kept pressure on price.
Glassnode dat
CryptoNewsFlash2h ago
Analysis shows XRP price could surge by 1156%, with the fifth wave starting to point toward an $18 peak
Market analysis indicates that XRP may soon initiate the fifth wave, with the price expected to rise to $18, representing a potential increase of 1156%. Analysts point out that the current phase is at the end of the fourth wave, which could attract significant capital in the future. Investors should pay attention to key support and resistance levels.
GateNews4h ago
XRP Price Breakout Signal Appears: Symmetrical Triangle Critical Point Approaching, $2 Target May Come Into View
XRP price has recently rebounded by approximately 4%, approaching a breakout of a key technical pattern. The market is watching to see if it will break through the upper boundary of the symmetrical triangle, with a potential target price of $2.06. Although the growth in stablecoin supply has boosted market sentiment, outflows of institutional funds warrant caution. The current trend still requires close monitoring.
GateNews4h ago
Analyst Predicts XRP Price Target of $10 Based on Russell 2000 Chart Similarity, Whales Accumulate 210M Tokens
XRP is showing an uncanny similarity to the Russell 2000 index's price action over a multi-year timeframe, according to analyst Austin, who suggests the token could follow the index's trajectory to $10 if the pattern holds.
CryptopulseElite5h ago
XRP Today News: XRP Whale Accumulates 210 Million Tokens, Market Compression Range Indicates a Major Move
XRP has been under continuous pressure this year, but large whales holding between 1 million and 100 million XRP have recently increased their holdings by approximately 210 million coins, indicating that major investors are quietly building positions during the downturn. On the technical side, XRP is forming a contracting wedge between the support at $1.30 and resistance at $1.50, suggesting a potential significant directional move. The low liquidity environment could both amplify gains and increase downside risks. Watching whether the $1.30 support can hold is crucial.
MarketWhisper8h ago
XRP holders face a risk of losing $50 billion due to trading prices below $1.4
The current price of XRP is trading at $1.37, representing a 63% decline from the multi-year high of $3.66 reached in July 2025. This means that many XRP holders are experiencing significant unrealized losses, highlighting the risks that the cryptocurrency market presents in the context of
TapChiBitcoin9h ago
