Indian Court Rules Crypto Is ‘Property,’ Blocks WazirX Plan to Use User’s XRP to Cover Hack Losses
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- Landmark Indian court ruling classifies cryptocurrency as legally protected “property.”
- Court blocks WazirX from using unaffected user XRP to cover its $234M hack losses in Ether and ERC-20 tokens
- Singapore parent company’s loss-sharing plan deemed unenforceable under Indian contract law
The Indian court delivered a major win for investor rights, ruling that cryptocurrency constitutes ‘property’ under domestic law, thereby blocking the embattled exchange WazirX from imposing a collective loss-sharing plan on its users. Specifically, the court prohibited WazirX from redistributing user-owned XRP holdings to cover unrelated losses (Ethereum and ERC-20 tokens) stemming from the exchange’s massive July 2024 cyberattack.
The court determined that user-owned crypto assets held in custody by exchanges cannot be redistributed to cover collective losses.
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