Indian court steps in over WazirX XRP distribution tied to 2024 hack

India's High Court of Judicature at Madras, through Justice N. Ananad Venkatesh, ordered WazirX's operator, Zanmai Lab, to furnish a bank guarantee of approximately $11,800 as part of arbitration for a user claiming 3,532 XRP tokens lost in a 2024 cyberattack. The court noted that insufficient crypto assets remain to satisfy unsecured user claims, referencing the Singapore restructuring plan devised by the parent company, Zettai. Crucially, the ruling declared cryptocurrency to be property "capable of being enjoyed and possessed" and "being held in trust." This Indian court intervention complicates the distribution scheme previously approved by a Singapore court for Zettai, WazirX's Singapore-based parent company, following the $235 million hack that halted transactions in July 2024.

(Source：Cointelegraph)