WazirX Latest News: Judge Halts XRP Reallocation Plan as Users Remain Troubled
An Indian court halted WazirX’s XRP reallocation plan linked to a 2024 hack, recognizing cryptocurrency as property held in trust.Summary
The Madras High Court has granted interim protection to a WazirX user, preventing the exchange from redistributing her XRP as part of its Singapore-led restructuring following a $230 million hack in 2024. Justice N. Anand Venkatesh’s order requires Zanmai Labs, WazirX’s Indian operator, to provide a bank guarantee equivalent to the value of the user’s frozen XRP. The court recognized cryptocurrency as property capable of being held in trust, a potentially significant precedent for Indian courts handling claims against exchanges operating internationally. This ruling challenges WazirX’s “socialized loss scheme” tied to its parent company’s restructuring and offers a first legal win for Indian users awaiting funds from the hack, acknowledging that crypto assets belong to the user, not the exchange.
(Source：CoinDesk)