Crypto Court Case: What's Happening with WazirX and XRP?

In a recent turn of events, an Indian court has made a decision that could change how crypto exchanges deal with user claims after a hack. The High Court of Judicature at Madras asked WazirX, a popular crypto exchange, to provide a bank guarantee of around $11, 800. This is part of a legal fight where a user is claiming ownership of 3, 532 XRP tokens that were frozen after a big cyberattack in 2024. The court said that because of the hack, there aren't enough crypto tokens left to pay back all the users who lost money. To fix this, the company behind WazirX, Zanmai Lab, came up with a plan. They want to use a legal process in Singapore to fairly distribute what's left to users. The court also said that crypto is considered property, which means it can be owned and protected by law.This situation is a bit complicated because WazirX is based in India, but its parent company, Zettai, is in Singapore. This means the legal process for users to get their money back is not straightforward. Recently, WazirX announced it would start operating again after being closed for over a year. They are slowly bringing back their services, starting with trading. After the 2024 hack, Zettai worked with Singapore's legal system to create a plan to repay affected users. The Singapore court approved this plan in October, giving users hope after a long wait. However, with the new decision from the Indian court, it's unclear how this will affect Zettai's plan, especially since many WazirX users are in India.