The Madras High Court has declared cryptocurrencies as property under Indian law, following a case involving a hack on the WazirX exchange. The court's decision, led by Justice N. Anand Venkatesh, highlighted that digital assets like XRP possess key characteristics of property, including identifiability, transferability, and control through private keys. This ruling emerged from a case where an investor's XRP tokens were safeguarded from redistribution after Ethereum-based assets were stolen. The court's decision underscores that digital assets are not merely speculative transactions under the Income Tax Act, thereby affirming the jurisdiction of Indian courts over domestic cryptocurrency transactions. This landmark ruling provides legal protections for digital assets, enabling them to be treated as trusts and possessions under Indian law.