Indian Court Declares Cryptocurrency Property, Restricts WazirX’s XRP Redeployment

The Madras High Court has ruled that cryptocurrencies are legally recognized as property in India, bolstering user rights and restricting exchanges like WazirX from using customer assets to cover hacking losses. The decision explicitly states that the exchange cannot access or redistribute a user’s XRP holdings without their consent. This landmark ruling sets a precedent for future cases involving digital asset custody and liquidation.