India’s Madras High Court has put a halt to WazirX’s plan to use Ripple’s XRP to compensate for losses incurred from a significant platform exploit. The ruling asserts that users’ crypto assets remain their private property, upholding the concept of digital asset ownership under Indian law. 2024’s $235 million hack led WazirX to propose a ‘socialization of losses’ model where users would contribute to covering the expenses for all those impacted, including those who did not hold the stolen ERC-20 tokens. However, the court has rejected this approach, affirming that XRP and other assets are distinct entities and cannot be merged for loss recovery. This decision signifies a significant shift in India’s crypto jurisprudence as it establishes that digital assets like XRP qualify as property under existing legal frameworks.