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A judge barred WazirX from reallocating customer XRP tied to a hack and affirmed crypto as property. Why that matters for custody everywhere.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
A Madras High Court judge barred WazirX from reallocating a customer’s XRP holdings and declared cryptocurrency qualifies as property under Indian law, setting a precedent that may reshape how exchanges handle user assets during insolvency proceedings across multiple jurisdictions.
As The Times of India reported on Oct. 25, Justice N Anand Venkatesh ruled that the entity operating WazirX cannot redistribute, apportion, or reallocate 3,532.30 XRP coins belonging to Rhutikumari, who purchased the assets by transferring funds from her Chennai bank account.
The court granted an interim injunction after finding jurisdiction, despite WazirX’s argument that a Singapore High Court-supervised restructuring scheme controlled the matter.
Justice Venkatesh stated:
“Cryptocurrency is treated as a virtual digital asset, and it is not treated as a speculative transaction.”
The ruling cited Section 2(47A) of the Income Tax Act, which governs virtual digital assets, and found that cryptocurrency “is capable of being enjoyed and possessed (in a beneficial form) and is capable of being held in trust.”
WazirX contended that the platform does not own crypto wallets and that all users would receive pro rata compensation through a three-step process supervised by Singapore’s high court following a hack that halted withdrawals.
The exchange argued that the Madras High Court lacked jurisdiction because the arbitration was seated in Singapore.
The court rejected that position. Justice Venkatesh noted that Rhutikumari transferred funds from India, accessed the platform from within the country, and therefore established that part of the cause of action arose within the Madras High Court’s territorial jurisdiction.
The decision treats crypto holdings as distinct property rights rather than unsecured claims in a bankruptcy pool.
Courts in the US routinely treat crypto as property for remedial purposes, though regulatory classifications vary by agency.
The New York state court issued a temporary restraining order over stolen USDC in the LCX case and authorized service by NFT. Federal courts freeze wallets and seize crypto under Rule 65 and civil forfeiture statutes.
Relief against exchanges depends on the contractual structure: customers holding assets in omnibus or “Earn” programs that transfer title recover less than those with proper custody arrangements, where platforms act as bailees, as seen in the Celsius Earn ruling.
English courts recognize crypto as property and grant proprietary injunctions, freezing orders, and Bankers Trust disclosure against exchanges, including those overseas.
AA v Persons Unknown established the framework in a Bitfinex ransomware case, while Fetch.ai v Persons Unknown applied it to a Binance case.
LMN v Bitflyer confirmed disclosure orders can reach foreign exchanges. Parliament moved to codify digital-asset property concepts following the Law Commission’s 2023 report, solidifying the legal foundation for such orders.
Singapore’s High Court has granted proprietary and worldwide freezing injunctions over stolen crypto in CLM v CLN, recognized NFTs and tokens as property, and, in Bybit v Ho Kai Xin, confirmed that crypto can be held on trust. This doctrine is relevant when users claim an exchange or insider holds assets on their behalf.
Quoine v B2C2 was the first to flag trust issues in exchange settings. Subsequent cases refined the property analysis to support stronger customer protections.
The Madras ruling aligns India with jurisdictions that prioritize property rights over pooling schemes in cases where exchanges face insolvency or restructuring.
By establishing that crypto purchases create enforceable property interests rather than mere contractual claims, the decision may limit how platforms redistribute user holdings during financial distress and clarify that local courts retain jurisdiction over assets accessed and funded domestically, regardless of where corporate restructuring proceedings occur.
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).

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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
USDC is a fully reserved stablecoin pegged 1:1 to the US dollar, issued by Circle Internet Financial Ltd.
WazirX is an India-based cryptocurrency exchange with an advanced trading interface and features to Buy, Sell & Trade cryptocurrencies.
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
Binance is a global leader in the blockchain ecosystem and cryptocurrency infrastructure, offering a comprehensive suite of services, including the world’s largest digital asset exchange by trading volume.
Bybit is a cryptocurrency derivative trading platform established in March 2018 and registered in the BVI.
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WASHINGTON — The Trump administration is planning to replace some regional leaders at Immigration and Customs Enforcement with Border Patrol officials in an attempt to intensify its mass deportations effort amid growing frustration with the pace of daily arrests, according to two Homeland Security Department officials, one former DHS official and one federal law enforcement official.
President Donald Trump’s top aides have welcomed Border Patrol’s more aggressive tactics to secure arrests, such as rappeling into apartment buildings from Black Hawk helicopters and jumping out of rental trucks in Home Depot parking lots, as they’ve become disappointed with ICE, the officials said.
“The mentality is CBP does what they’re told, and the administration thinks ICE isn’t getting the job done,” one of the DHS officials said. “So CBP will do it.”
The White House has signed off on a list of at least a dozen directors of ICE field officers who are set to be reassigned in coming days, the two DHS officials, the former DHS official and the federal law enforcement official said. They said that at least half of them would be replaced with Border Patrol officials. ICE has 25 field offices around the country, so the move could replace nearly half of the agency’s leaders.
The list was compiled by Corey Lewandowski, a special government employee at DHS who advises Homeland Security Secretary Kristi Noem, and Greg Bovino, the Border Patrol sector chief overseeing the agency’s operations in Chicago and previously in Los Angeles, the law enforcement official said.
The administration’s shift to leaning more heavily on Border Patrol marks a potential new phase in Trump’s deportation efforts. While ICE has come under criticism for its raids, the agency’s broad approach has been to make targeted arrests of immigrants known to be in the country illegally. Border Patrol’s approach to recent arrests in major U.S. cities has been more aggressive, making large sweeps that have sparked some of the sharpest backlash from protesters and prompted lawsuits.
The New York Times was first to report that the Trump administration was planning a shake-up of ICE leadership amid frustration over arrest numbers, citing three people familiar with the plans.
As of late September, the latest period for which data is available due to the government shutdown, ICE was arresting 1,178 on average per day — well short of the 3,000 per day that the chief architect of Trump’s deportation policy, White House deputy chief of staff Stephen Miller, has demanded.
The Department of Homeland Security did not respond to a request for comment.
Asked about any plans to reassign ICE leaders, White House spokesperson Abigail Jackson said in a statement, “The president’s entire team is working in lockstep to implement the President’s policy agenda, and the tremendous results from securing the border to deporting criminal illegal aliens speak for themselves.”
Border Patrol has deployed over 1,500 agents to arrest immigrants in cities around the country to assist with deportations, Border Patrol Chief Mike Banks told NBC News. By comparison, there are 8,500 officers working for ICE’s enforcement and removal operations.
Border Patrol has been behind some of the most searing images of immigration arrests since Trump took office. Earlier this month in Chicago, Border Patrol agents rappeled from a Black Hawk helicopter into an apartment building as families slept. Last week, videos emerged from Chicago of Bovino throwing a gas canister into a crowd.
The incident is now part of a lawsuit accusing the Trump administration of using overly aggressive tactics.
Bovino has been ordered before a federal judge in Illinois on Tuesday to face questions on whether recent arrest tactics in the Chicago area, including using tear gas, violated a temporary restraining order against CBP’s use of excessive force. Plaintiffs’ attorneys have pointed to Bovino’s personal use of tear gas as a potential violation of the judge’s order.
DHS Assistant Secretary for Public Affairs Tricia McLaughlin said Monday in a statement to NBC News that Bovino had been hit in the head by a rock. “We look forward to the American people viewing the footage,” she said.
Some ICE leaders have quietly expressed dismay over Border Patrol’s tactics in cities like Chicago and Los Angeles, the law enforcement official and two DHS officials said.
Two former ICE officials said ICE does not own some of the resources Border Patrol has, such as Black Hawks.
The White House’s frustration with ICE has been building for months.
In mid-May, Miller told ICE’s leaders that if he they did not start arresting 3,000 immigrants per day, he would see that the leaders of the lowest performing regions were taken out of their positions, according to two people who spoke with meeting attendees.
At the time, acting ICE Director Todd Lyons resisted the idea of firing ICE field office directors, the two people who spoke with meeting attendees.
The Trump administration has increasingly turned to Bovino to oversee Border Patrol operations targeting immigrants in major U.S. cities, most recently in Chicago, where Bovino arrived in mid-October and became the public face of the Trump administration’s enforcement efforts there.
The DHS officials said Bovino does not report to the chief of Border Patrol or CBP’s commissioner, as other Border Patrol sector chiefs do. The law enforcement official said Bovino reports directly to Noem, who called him the Border Patrol Commander at Large in a recent op-ed.
While the list of ICE field office directors that may soon be removed was compiled by Lewandowski and Bovino, it also is being tightly held inside the White House by Miller, the DHS officials said.
The officials did not know the names of the individuals on the list but said they’re expected to be directors whose regions are underperforming in arrest numbers or those who have pushed back on some of the more aggressive tactics that Miller supports and Border Patrol has conducted.
I am NBC News’ Senior Homeland Security Correspondent.
Laura Strickler is the senior investigative producer on the national security team where she produces television stories and writes for NBCNews.com.
© 2025 NBCUniversal Media, LLC

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1. Trump predicts China trade deal finalized in days as his Asia tour continues in Japan  CBS News
2. For Japan’s new leader, the key to connecting with Trump could be a Ford F-150 truck  AP News
3. Trump’s Asia tour takes him to Japan ahead of pivotal meeting with China’s Xi  PBS
4. Trump gets royal welcome in Japan, China trade truce hopes rise  Reuters
5. Trump courts Japan’s emperor and new PM before high-stakes Xi summit this week  Fox News

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Bitcoin is violatile and the mining industry is crowded with competition. That’s the argument pushing more and more bitcoin mining operations to try a new direction: AI computing.
An increasing number of companies are now using their land and existing data centers to sign long-term contracts for artificial intelligence companies in need of computing power.
Miners including IREN, Riot, TeraWulf, CleanSpark, and Cipher Miner are among those making the switch.
Jefferies analysts found that bitcoin mining profits fell more than 7% across September 2025, due in part to declining bitcoin value, according to a new Yahoo Finance report that highlighted the new trend.
Instead, there’s another big tech boom, as AI workloads are needed now more than ever. In fact, AI use has doubled over the past two years, as a recent Anthropic study found.
 
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the top business tech deals for 2025 👨‍💻

Tech giants and AI startups from Microsoft to OpenAI to Anthropic are all pouring billions into developing and boosting AI technology, and they need what bitcoin miners already have plenty of: Consistent computing power in cheap locations.
Every four years, bitcoin has a “halving” event, which cuts the benefits of mining in half — naturally deincentivizing mining over time, unless bitcoin’s value continues growing rapidly.
“Bitcoin mining just doesn’t cut it anymore,” Daniel Keller, CEO and co-founder of cloud infrastructure firm InFlux Technologies, told Yahoo Finance, adding that “due to halving schedules, mining is less profitable in the long run than AI computing.”
Plus, there’s one more reason making smaller computing operations attractive to AI companies.
The race to develop the best new AI tools requires quick deadlines, but top cloud giants like Amazon and Google are tied up in multi-year paperwork for their huge grids. This creates opportunities for smaller locations that had previously stuck to bitcoin mining.
Who’s making the biggest deals in this sector? Again, Yahoo Finance has the news. For starters, Miner Riot is converting a Texas data center campus to mixed bitcoin and high-performance computing (HPC) infrastructure, which is set to start operating next year.
Together, TeraWulf and Cipher Mining have multibillion-dollar leases for decades-long team-up with AI cloud infrastructure firm Fluidstack. Galaxy Digital has plans to convert its Texas data center for AI and HPC use with cloud infrastructure company CoreWeave.
IREN also pivoting to AI back in April — its stock is up more than 500% since the start of the year.
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Millions of soccer fans from around the world have the opportunity to buy tickets to the 2026 FIFA World Cup, to be held in North America, as lottery winners from 4.5 million applicants were granted access starting Wednesday. FIFA said lottery winners were or will be informed of their status via email. The governing body expects demand will be high.

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Jaiye Kuti Expresses Grief Over D3ath Of Upcoming Actor Seun Confirm  gistlover.com
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Analyst Warns of a Looming Bitcoin Breakdown
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PI today news: bounces above $0.2114 support — sideways action likely, resistance caps upside  Traders Union
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SANTA ANA, Calif. — The ex-wife of former Los Angeles Angels communications employee Eric Kay testified Monday that the organization was aware of his drug abuse multiple times before Kay supplied the drugs that killed Angels pitcher Tyler Skaggs in 2019.
Camela Kay testified in the wrongful death civil suit that she witnessed team employees distributing nonprescription drugs to players, including once on a team plane where she described opioid pills being handed out. Her testimony was repeatedly interrupted with objections by team attorneys.
Camela Kay’s testimony refuted that of the first two witnesses of the trial — Eric Kay’s ex-boss Tim Mead, the former director of communications, and Angels traveling secretary Tom Taylor. Mead and Taylor both testified they were not aware of Kay’s drug use and whether he was providing drugs to players until after Skaggs’ accidental overdose death in a Texas hotel room in 2019.
Eric Kay was convicted in 2022 of giving a fentanyl-laced pill to Skaggs that led to his death. He is serving a 22-year federal prison sentence.
The Skaggs family is seeking $118 million and possible additional damages, claiming the team violated its own rules requiring intervention, including potential dismissal, of any employee known to be abusing drugs. The family asserts that allowing Kay to interact with Skaggs, when both had addiction problems, set the conditions for disaster.
Plaintiff’s attorney Shawn Holley said in her opening statement last week that the Angels put Skaggs “directly in harm’s way” by continuing to employ Eric Kay.
Camela Kay testified that, following an attempted intervention on Oct. 1, 2017, when the couple was still married, Mead and Taylor came to the Kay home. She said Mead returned the next day to check on Kay. During that time, she testified, Mead came out of the Kay bedroom holding “six or seven” baggies of about six white pills each. Camela Kay used her fingers to show the size of the baggies, about 1 inch square.
“I was shocked,” she testified. “I questioned [Mead] and asked where he got those. He said Eric directed him and told him they were in shoeboxes.”
She said Mead then put them on a coffee table in front of where Eric Kay was sitting with Taylor.
In his earlier testimony, Mead said he recalled “very little of that morning” and did not recall asking Kay where drugs were, whether he went into Kay’s bedroom or if he found drugs in baggies there. Angels attorneys said in opening remarks that the team was not responsible for Skaggs’ death and was not aware of Skaggs’ illicit drug use or that Kay had provided drugs to multiple players. The defense also argued that Skaggs had used drugs before his time with the Angels, when he was with the Arizona Diamondbacks.
Angels attorney Todd Theodora said it was Skaggs who “decided to obtain the illicit pills and take the illicit drugs along with the alcohol the night he died.”
Camela Kay testified she continued to have concerns about her ex-husband’s substance abuse and that she shared those concerns with Mead and Taylor.
She also said she never saw improvement in Eric Kay, even after he was sent to outpatient therapy following the failed 2017 intervention. Camela Kay testified — backed by text messages shown in court — that she had multiple conversations with Angels benefits manager Cecilia Schneider to get her husband into an outpatient rehabilitation program in 2017.
She also testified she had been on the Angels’ plane in the past and that she observed conduct on the plane that caused her concern. When asked about the conduct, she said, “I had seen them passing out pills and drinking alcohol excessively.”
Asked plaintiff’s attorney Leah Graham: “When you say observed them, who is the them?”
“Players, clubbies,” Kay replied, indicating she believed she saw Xanax and Percocet being handed out. She later said she was kept away from players on the plane, “but you can see what’s going on behind you” and when she would go to the bathroom.
In 2013, Camela Kay said, both Mead and Taylor were present at the team hotel after Eric Kay had a panic attack at Yankee Stadium in New York. It was there, Camela Kay said, where Eric Kay told her he was taking five Vicodin per day. She testified both Taylor and Mead were there and heard the admission.
Camela Kay’s testimony continues Monday afternoon with more direct examination from Graham, followed by cross-examination from the defense.

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