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Why court's legal protection for crypto is big deal
Mint New Delhi
|October 31, 2025
The Madras High Court has become the first in India to recognize cryptocurrency as "property" under Indian law. It granted relief to an investor in a landmark judicial acknowledgment of digital assets, which so far existed in a regulatory grey zone. Mint explains:
1 What was the case about?
A crypto investor Rhutikumari, filed a case in early 2025 against Zanmai Labs Pvt. Ltd, the Indian operator of WazirX-one of the country's top crypto exchanges. In July 2024, cybercriminals stole around $230 million worth of Ethereum-based tokens from the WazirX. It froze multiple accounts, including Rhutikumari's, though her 3,532 XRP coins were unrelated to the stolen tokens. She moved the court, arguing that they were her private property and WazirX had no authority to freeze, mix, or redistribute them. Calling it was a security measure, WazirX argued that the case should go to Singapore for arbitration.
2 What did the Madras High Court say?
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