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The Madras High Court granted interim extortion to a WazirX user, blocking the speech from redistributing her XRP arsenic portion of its Singapore-led restructuring.
Updated Oct 27, 2025, 8:54 a.m. Published Oct 27, 2025, 8:54 a.m.
The Madras High Court has recognized cryptocurrency arsenic spot susceptible of being held successful trust, granting alleviation to a WazirX idiosyncratic whose XRP funds were frozen pursuing the exchange’s 2024 hack.
The ruling could acceptable a precedent for however Indian courts grip idiosyncratic claims against exchanges operating nether overseas jurisdictions.
Justice N. Anand Venkatesh’s Oct. 25 bid directed Zanmai Labs, WazirX’s Indian operator, to furnish a slope warrant worthy astir 9.56 lakh (around $11,500), equivalent to the petitioner’s frozen 3,532 XRP, pending arbitration.
“The cryptocurrency was held by her successful India by means of the WazirX platform,” the tribunal said. “Cryptocurrency is simply a property… susceptible of being enjoyed and possessed, and susceptible of being held successful trust.”
The determination came aft Rhutikumari, a long-time WazirX user, challenged the exchange’s close to redistribute her XRP holdings nether a “socialized nonaccomplishment scheme” tied to its Singapore-based genitor Zettai Pte Ltd’s restructuring.
WazirX, erstwhile India’s largest crypto exchange, halted withdrawals successful July 2024 aft a $230 cardinal hack targeting wallets managed by Singapore custodian Liminal. The institution past pursued a court-supervised restructuring successful Singapore, nether which users would person “recovery tokens” and partial repayments erstwhile operations resumed.
That program — approved by the Singapore High Court earlier this period — has since go the cornerstone of WazirX’s relaunch. But the Madras ruling signals that Indian users whitethorn inactive question home ineligible extortion adjacent erstwhile the company’s ineligible spot lies abroad.
For thousands of Indian users inactive waiting for their tokens from the 2024 WazirX hack, the Madras determination marks the archetypal tangible win.
It doesn’t unit WazirX to instrumentality funds yet, but it acknowledges a rule that whitethorn specify aboriginal cases: That crypto belongs to the user, not the exchange.
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