The Madras High Court in India has legally recognized cryptocurrencies as property, affirming that digital assets belong to users. The court has ordered WazirX, India's largest crypto exchange, to refrain from using a user's 3,532 XRP holdings to cover losses from a $234 million hack. This ruling clarifies that exchanges cannot appropriate client assets to offset platform deficits without explicit consent, reinforcing domestic consumer protection laws even for offshore operations. WazirX has resumed limited activities and plans a phased relaunch while issuing Recovery Tokens to creditors as part of its restructuring efforts. This judgment marks a pivotal advancement in India's legal framework regarding crypto asset ownership and user rights.
Continue to read Indian Court Affirms User Ownership, Restricts WazirX From Using XRP to Offset Hack Losses
The Madras High Court in India has legally recognized cryptocurrencies as property, affirming that digital assets belong to users. The court has ordered WazirX, India's largest crypto exchange, to refrain from using a user's 3,532 XRP holdings to cover losses from a $234 million hack. This ruling clarifies that exchanges cannot appropriate client assets to offset platform deficits without explicit consent, reinforcing domestic consumer protection laws even for offshore operations. WazirX has resumed limited activities and plans a phased relaunch while issuing Recovery Tokens to creditors as part of its restructuring efforts. This judgment marks a pivotal advancement in India's legal framework regarding crypto asset ownership and user rights.
Continue to read Indian Court Affirms User Ownership, Restricts WazirX From Using XRP to Offset Hack Losses
Yorumlar
Yorum Gönder