ChainCatcher news, the Madras High Court of India ruled on Friday that crypto assets constitute property protected by the constitution, preventing WazirX from reallocating user assets under its restructuring plan in Singapore. Judge N. Anand Venkatesh issued an injunction to protect 3,532 XRP tokens, rejecting the exchange's proposal for “socialization of losses” after suffering a $234 million hacker attack in July 2024. The judge stated that while cryptocurrencies “are neither tangible property nor currency,” they “are a form of property that can be enjoyed and owned beneficially.” This ruling establishes the legal status of crypto assets as property and stipulates that assets held by exchanges must be regarded as client trust property. The court also rejected WazirX's argument that its Singapore court-approved restructuring automatically binds Indian users. Currently, users have only received 30% of the expected funds.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin and XRP Hold Gains as Regulatory Debate Shapes Market Outlook
Bitcoin and XRP maintained steady prices on Sunday as the broader cryptocurrency market posted modest gains. The recovery followed renewed buying activity and stronger market sentiment across major digital assets. Meanwhile, political debate in Washington over crypto regulation added a new layer
CryptoBreaking30m ago
XRP Price Prediction Improves Again in March, and so does FET, but All Forecasts Are Explosive for DeepSnitch AI as Its Launch Is Coming
As March is approaching its second half, XRP price predictions have improved. A few Ripple ecosystem developments have helped in addition to a general recovery of crypto markets, despite geopolitical tensions in the Middle East.
For another coin, DeepSnitch AI, the right word when it comes to
CaptainAltcoin2h ago
XRP on the Verge of Privacy Breakthrough: Top XRPL Contributor Details How This Feature Will Be Realized - U.Today
The XRP ecosystem is set to transform with the implementation of zero-knowledge proof (ZKP) technology to enhance privacy. This will allow transactions to be verified without revealing sensitive details. Additionally, upcoming developments include AI integration, new stablecoins, smart contracts, and the XRP Alphanetwork for testing advanced algorithms.
UToday4h ago
Ripple Set to Buy Back $750M in Shares Despite XRP Price Decline
Ripple plans to buy back up to $750 million in shares from investors and employees by the end of next month, insiders have revealed.
The buybacks would value the company at $50 billion, and come six months after a similar plan to buy back $1 billion in shares from employees failed.
Ripple
CryptoNewsFlash5h ago
