Catenaa, Wednesday, October 29, 2025-India’s Chennai High Court ruled last Friday that cryptocurrencies qualify as property under constitutional law, blocking WazirX from redistributing a user’s XRP holdings to cover losses from a July 2024 $234 million hack.
Justice N. Anand Venkatesh granted an injunction protecting 3,532 XRP tokens, rejecting WazirX’s “socialization of losses” plan. The judge emphasized that while crypto is neither tangible property nor currency, it is property capable of beneficial ownership and enjoyment.
The ruling affirms that assets held in custody by exchanges must be treated as client property and strengthens consumer protections for Indian crypto holders.
Experts said it represents one of the first clear legal acknowledgments of digital asset ownership in India.
Justice Venkatesh noted that Indian users accessing crypto via mobile platforms fall under Indian court jurisdiction, ensuring local legal safeguards.
Observers highlighted that this decision and similar judgments are laying the foundation for “crypto-jurisprudence” in India, signaling that exchanges and users must meet high governance standards.
The ruling coincides with WazirX’s restart of operations, with creditors approving 95.7% of the restructuring plan, although users report receiving only a fraction of expected funds amid verification delays.
India’s crypto policy remains focused on taxation, leaving investor rights and asset ownership frameworks largely undefined.
