Indian Judge Blocks WazirX's XRP Redistribution Plan Tied to 2024 Hack
WazirX XRP Ruling: The Madras High Court has ruled that cryptocurrency can be held in trust, providing relief to a WazirX user whose XRP funds were frozen after a hack in 2024.
Legal Precedent: This decision may influence how Indian courts handle user claims against exchanges operating under foreign jurisdictions, emphasizing that cryptocurrency belongs to the user, not the exchange.
Court Order Details: The court ordered WazirX's operator, Zanmai Labs, to provide a bank guarantee equivalent to the frozen XRP amount, pending arbitration.
Impact on Users: The ruling marks a significant win for Indian users affected by the WazirX hack, as it acknowledges their rights to their cryptocurrency holdings amidst ongoing restructuring efforts by the exchange.
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