In a major win for India’s cryptocurrency sector, the Madras High Court recognised cryptocurrency as a “property” under Indian law while dismissing a plea by a crypto investor whose XRP holdings on crypto exchange WazirX were frozen after a 2024 cyberattack.
“There can be no doubt that “crypto currency” is a property. It is not a tangible property nor is it a currency. However, it is a property, which is capable of being enjoyed and possessed (in a beneficial form). It is capable of being held in trust,” said Justice Anand Venkatesh in the court order.
The order made a buzz in the Indian crypto sector for three reasons: recognition of crypto as “property” capable of ownership and trust, the clarity that Indian courts can intervene in digital asset disputes, despite offshore arbitration or corporate structures and ensuring investor protection by stating that foreign insolvency or restructuring schemes cannot override user rights over self-owned digital assets.
The applicant had invested ₹1,98,516 in January 2024 on WazirX and purchased 3,532.30 XRP coins. Following the July cyberattack, WazirX announced on its website that one of its cold wallets had been compromised. With regards to the applicant’s plea that her account not be interfered with following the attack, the court directed the parent company to provide the applicant with a bank guarantee of ₹9.56 lakh that shall be renewed from time to time till the end of the arbitration proceedings.
Published on October 26, 2025