Cryptocurrency Ruling in India
A landmark decision by the Madras High Court has declared cryptocurrency as 'property' under Indian law.
The Court's decision, delivered by Justice N. Anand Venkatesh, affirms that cryptocurrencies can be owned, held in trust, and protected as legal property.
The case arose from a petition by an investor whose 3,532.30 XRP coins were frozen after a cyberattack on WazirX, one of India's largest cryptocurrency exchanges.
- A cyberattack on WazirX resulted in a $234 million hack involving Ethereum and ERC-20 tokens in July 2024.
- The investor's XRP holdings were not part of the stolen assets, but WazirX sought to redistribute all users' funds under its "socialisation of losses" plan.
Cryptocurrencies qualify as property under Indian law.
Author's summary: Indian court rules crypto as property.
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