Madras Court Steps In as WazirX’s XRP Redistribution Faces Legal Challenge
In a landmark ruling for Indian crypto holders, the Madras High Court has blocked WazirX from redistributing a user’s XRP as part of its Singapore-led restructuring, declaring that cryptocurrency qualifies as property under Indian law.
Justice N. Anand Venkatesh ordered Zanmai Labs to provide a ₹9.56 lakh ($11,500) bank guarantee equivalent to the user’s frozen 3,532 XRP, pending arbitration.
The user, identified as Rhutikumari, argued that her XRP was being wrongfully pooled under WazirX’s “socialized loss” program following the 2024 hack that drained $230 million from exchange-linked wallets.
While Singapore courts approved the restructuring, the Indian court’s order introduces a potential jurisdictional conflict — one that could influence thousands of users still awaiting compensation.
