Indian Court Rules on Claims in WazirX XRP Distribution After 2024 Hack

An Indian court has issued a ruling that could impact cryptocurrency exchanges and their handling of claims from users impacted by hacks or security breaches. The ruling, delivered by Justice N. Ananad Venkatesh of India’s High Court of Judicature at Madras, orders WazirX’s operator, Zanmai Lab, to provide a bank guarantee for approximately $11,800 as part of an arbitration process initiated by a user concerning 3,532 XRP tokens. These tokens were frozen following a 2024 cyberattack that resulted in the loss of over $235 million worth of cryptocurrencies.