Court Order Pauses WazirX’s XRP Reallocation Linked to Last Year’s Hack

WazirX Faces Legal Setback as Indian Court Recognizes Crypto Ownership Rights

The Madras High Court has sided with a WazirX user in a dispute over frozen XRP holdings, ruling that cryptocurrency constitutes property under Indian law — a move that could reshape how domestic courts handle crypto asset claims.

Justice N. Anand Venkatesh ordered Zanmai Labs, WazirX’s Indian entity, to post a ₹9.56 lakh ($11,500) guarantee equal to the user’s frozen assets. The decision temporarily blocks WazirX from redistributing her XRP under a restructuring plan approved in Singapore earlier this month.

WazirX, which suffered a $230 million hack in 2024, has been undergoing a complex cross-border restructuring involving Singapore’s Zettai Pte. Ltd. and local creditors. The court’s latest stance highlights growing tension between international bankruptcy regimes and India’s evolving stance on digital assets.