India's Madras High Court ruled that XRP qualifies as property under Indian law, marking the first formal recognition of a digital asset with legal ownership rights by an Indian high court. The decision arose from a dispute involving 3,532.30 XRP (approximately $9,400) frozen on WazirX following the exchange's July 2024 hack that resulted in $235 million in stolen assets. The court prohibited the exchange from reallocating the holder's XRP and ordered a bank guarantee of approximately $11,500 until the matter is resolved.