Indian Court Takes Action on WazirX XRP Distribution Related to 2024 Hack

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

BTC-0.978%

XRP-1.006%

Source: Coinmarketcap

Updated: Oct 27 2025

High Court Ruling on Cryptocurrency: India's High Court has ruled that cryptocurrency is recognized as property, impacting how exchanges like WazirX handle user claims after security breaches, particularly following a significant cyberattack that resulted in a loss of $235 million.
Bank Guarantee Ordered: The court ordered WazirX's operator, Zanmai Lab, to provide a bank guarantee of approximately $11,800 amid ongoing arbitration related to a user's claim for XRP tokens frozen due to the cyberattack.
Resumption of WazirX Operations: WazirX announced the resumption of its operations after over a year of suspension, following a restructuring plan approved by Singapore courts, aimed at restoring user confidence and operational stability.
Complex Legal Landscape: The ruling adds complexity to the legal processes involving crypto disputes, especially as many WazirX users are based in India while the parent company, Zettai, is located in Singapore, complicating asset distribution and resolution efforts.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.