India’s Madras High Court has ruled that XRP is legally recognized as property, granting it protection under Indian criminal law. This landmark decision stems from a case where WazirX user Rhutikumari challenged the exchange’s plan to redistribute losses following a July 2024 hack resulting in over $235 million in damages. The court’s ruling affirms digital assets like XRP as property, aligning with India’s legal framework. It prevents Zanmai Labs, the operator of WazirX, from reallocating Rhutikumari’s XRP and requires a bank guarantee for her benefit. This is a significant development that grants Indian crypto holders legal protection over their assets. ➡️ India’s Madras High Court has officially recognized XRP as property, providing vital clarity for investors within the country. This ruling echoes similar recognition in jurisdictions like the US and UK. As banks test XRP usage, this decision will likely force exchanges to re-evaluate custody policies and restructuring plans. This could bolster investor confidence by ensuring greater protection during disputes or exchange insolvencies.