Hearing a matter of a cyberattack involving cryptocurrency, the Madras High Court has declared cryptocurrency as property.

In an order on October 25, Justice N Anand Venkatesh said, “There can be no doubt that cryptocurrency is a property. It is not a tangible property nor is it a currency. However, it is a property, which is capable of being enjoyed and possessed (in a beneficial form). It is capable of being held in trust.”

The court was hearing a matter between Zanmai Labs and Rhutikumari, one of the investors on Zanmai Labs’ WazirX exchange platform. Rhutikumari, the applicant, was holding 3,532.30 XRP coins worth Rs 1,98,516 in January 2024 on the platform.

However, following a cyber attack on the platform, all the user accounts were frozen, including Rhutikumari’s.

It was menti

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