Indian Court Rules Crypto Is ‘Property,’ Blocks WazirX Plan to Use User’s XRP to Cover Hack Losses
- 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.
Related: WazirX …
Read The Full Article Indian Court Rules Crypto Is ‘Property,’ Blocks WazirX Plan to Use User’s XRP to Cover Hack Losses On Coin Edition.
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Indian Court Recognizes XRP as Property in Historic WazirX Hack Ruling
Indian Court Rules Crypto Is ‘Property,’ Blocks WazirX Plan to Use User’s XRP to Cover Hack Losses
- 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.
Related: WazirX …
Read The Full Article Indian Court Rules Crypto Is ‘Property,’ Blocks WazirX Plan to Use User’s XRP to Cover Hack Losses On Coin Edition.
Read More
Indian Judge Halts WazirX’s XRP Reallocation Plan Linked to 2024 Hack