law 2 - The Latremie Post

Indian Court XRP Ruling May Complicate WazirX Hack Claims Process

**Madras High Court Mandates Bank Guarantee for WazirX User’s XRP Holdings Post-Hack**

The Madras High Court has delivered a landmark ruling affirming cryptocurrencies as possessable property under Indian law, a decision that could significantly impact how digital assets are treated following exchange hacks. This development comes in the wake of a major 2024 cyberattack on WazirX that resulted in a staggering $235 million loss, leaving the platform with insufficient tokens to meet all user liabilities.

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### Significance of the Madras High Court Ruling on WazirX Cryptocurrency Claims

On Saturday, Justice N. Anand Venkatesh ordered WazirX’s operator, Zanmai Labs, to issue a bank guarantee worth approximately $11,800 to secure a specific user’s claim over 3,532 XRP tokens frozen after the hack. This ruling officially recognizes digital assets like XRP as property capable of being owned, possessed, and held in trust.

This important affirmation sets a precedent for handling user claims post-hack, particularly in cases involving frozen assets. It highlights the legal recognition of crypto holdings as trustable property and could influence how exchanges like WazirX manage liabilities, especially amid international restructuring efforts.

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### Impact on WazirX Users Affected by the 2024 Hack

The 2024 cyberattack on WazirX compromised approximately $235 million worth of various cryptocurrencies. As a consequence, the exchange no longer holds enough tokens to cover all pending user claims. Since the incident, many affected users have faced prolonged uncertainty due to frozen assets intended to prevent further loss.

Justice Venkatesh’s order specifically targets a claimant whose XRP remains in Zanmai Labs’ custody, emphasizing the legal standing of such tokens. This introduces new legal considerations for WazirX, which operates under its Singaporean parent company Zettai Labs but has headquarters in India.

The ruling could complicate enforcement efforts within India and potentially conflict with Zettai’s court-approved restructuring plan under Singapore law dated October 13, 2024. According to legal experts cited by Bloomberg and Reuters, jurisdictional overlaps often delay dispute resolution in cross-border crypto cases.

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### Broader Legal and Operational Implications

– **Local Enforcement:** Indian WazirX users may need to pursue local arbitration or court claims to access remedies, rather than relying solely on the Singaporean restructuring scheme.

– **Bank Guarantee as Interim Security:** The bank guarantee ordered by the court acts as a financial safeguard, ensuring the claimant’s rights are protected during ongoing proceedings.

– **WazirX’s Response:** Following the ruling, WazirX has reiterated its commitment to fair distribution and has resumed trading after a year-long halt. The court documents note that the hack severely depleted liquid tokens, prompting Zettai Labs to develop a structured repayment plan under Singapore Companies Act supervision.

– **Regulatory Impact:** With over 100 million crypto users in India as reported by the Reserve Bank of India and industry analyses like PwC, this ruling underscores the need for regulatory clarity. It enforces the view that exchanges must treat user assets as fiduciary obligations, aligned with global standards such as those from the Financial Action Task Force (FATF).

Fintech lawyer Aarav Gupta observes that WazirX’s recent zero-fee trading initiative aims to rebuild user trust, although full recovery remains uncertain. The case exemplifies evolving legal landscapes in India as courts adapt existing laws to accommodate blockchain assets.

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### Frequently Asked Questions

**What does the Madras High Court ruling mean for claiming frozen XRP on WazirX after the hack?**
The ruling allows Indian users to pursue arbitration for frozen XRP holdings, legally recognizing them as trust-held property. Zanmai Labs must provide a bank guarantee of roughly $11,800 for 3,532 XRP tokens, securing claims during legal proceedings. This facilitates quicker resolution for affected users within India.

**How will WazirX’s Singapore restructuring plan interact with Indian court decisions on crypto hacks?**
While WazirX’s parent company, Zettai Labs, received approval for its restructuring plan in Singapore, Indian court orders such as this may require local compliance measures like bank guarantees. As a result, the interaction of jurisdictional frameworks could lead to hybrid solutions overseen by both Indian and Singaporean courts.

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### Key Takeaways

– **Cryptocurrency as Legal Property:** The Madras High Court has formally recognized digital assets like XRP as possessable and held in trust, bolstering user rights in hack cases.

– **Bank Guarantee Requirement:** Zanmai Labs must secure claims with financial guarantees to prevent further delays in recovery.

– **Impact on Restructuring Efforts:** Indian court decisions may extend the timeline or alter the enforcement of WazirX’s Singapore-approved repayment scheme. Users should stay informed and file claims promptly.

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### Conclusion

The Madras High Court’s ruling on WazirX marks a pivotal advancement in the recognition of cryptocurrency under Indian law. By affirming digital assets as trustable property and mandating bank guarantees to secure user claims, the court has set a precedent that could influence how crypto exchanges and users navigate the complex aftermath of hacks.

As WazirX works through its international restructuring, affected users—particularly those in India—may experience changes in how claims are addressed, with greater emphasis on legal protections and fiduciary responsibilities. This case highlights the growing need for clear regulatory frameworks in the expanding Indian crypto market and signals a maturing judicial approach to blockchain-related disputes.

Stay tuned for more updates on cryptocurrency regulations and WazirX’s ongoing developments.

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https://bitcoinethereumnews.com/tech/indian-court-xrp-ruling-may-complicate-wazirx-hack-claims-process/?utm_source=rss&utm_medium=rss&utm_campaign=indian-court-xrp-ruling-may-complicate-wazirx-hack-claims-process

ICE detiene a familias enteras para interrogarlas dentro de 26 Federal Plaza en un cambio de estrategia

Tras la indignación generada por la redada del ICE en Canal Street el martes de la semana pasada, agentes encapuchados aparentemente adoptaron una nueva estrategia en el 26 Federal Plaza: arrestar a varias familias a la vez para interrogarlas.

En los días posteriores a la mencionada redada en Chinatown, la sensación de temor y desesperación dentro de la corte de Manhattan solo se hizo más palpable. De acuerdo con fuentes cercanas a los procedimientos de ICE dentro del número 26 Federal Plaza, las tácticas de los agentes han cambiado radicalmente.

Asimismo, la semana pasada, un hombre ruso, junto a su esposa, su hijo pequeño y su bebé, fue arrestado tan rápido como salió de la sala del tribunal en el piso 12, solo para ser liberado más tarde. “¿Pensaron que íbamos a hacer eso? No lo haríamos”, comentó un agente de ICE, refiriéndose a la detención de la familia. No obstante, fueron detenidos de nuevo a pocos pasos por otro agente, quien dijo: “Necesitamos hacerles algunas preguntas”. Sin tocarlos, la familia del hombre fue llevada a un ascensor. Actualmente, no se sabe de su paradero.

Un incidente parecido ocurrió pocos minutos después. Esta vez, un padre llevaba a su hija pequeña en brazos y su esposa fueron escoltados a un ascensor. Cuando los fotoperiodistas empezaron a tomar fotos, un agente comenzó a agitar la mano frente a las cámaras para impedir que las imágenes quedaran claras.

Ese mismo día, un grupo de agentes federales se acercó a una mujer que estaba esperando el ascensor y verificaron su documentación. Al decidir que no era la persona que buscaban, la dejaron sola, sin hacerle daño, pero el miedo a que pasara lo peor la hizo romper en llanto.

En otros momentos, se podía observar a algunos de los agentes con el rostro cubierto, deslizándose en los ascensores mientras los inmigrantes entraban, desapareciendo cuando las puertas se cerraban.

Este cambio de táctica se produce luego de meses de detenciones físicamente intensas que han visto a algunas personas que acuden al tribunal siendo derribados al piso y a otros llevados por los pasillos hasta perderlos de vista, informó AM NY.

Un observador de la corte, que se identificó como Peter y trabaja para tratar de rastrear a los detenidos por el ICE, indicó que esta nueva práctica de llevarse a las familias completas es extremadamente preocupante.

“Detener a familias enteras, incluso temporalmente, representa una grave escalada de tácticas. Con las separaciones familiares en el tribunal, aunque trágicas, el beneficio es que se puede brindar ayuda y asesoramiento adecuados a la familia restante de inmediato”, explicó Peter.

“Cuando una familia simplemente desaparece en el éter de la plaza federal, se queda sin ninguno de los recursos que son cruciales para apoyar a una familia después de la detención. Quizás ese sea el objetivo de esta nueva práctica”.

Asimismo, en una visita sorpresa el 23 de octubre, el representante demócrata Dan Goldman se enfrentó a varios sujetos encapuchados, exigiendo ver sus placas y preguntándoles para qué organización trabajan.

En este caso particular, una docena de oficiales estaban apostados afuera de una sala de tribunal, esperando a que el juez liberara a sus demandados. Poco después del mediodía, un gran grupo de personas, principalmente familias, salió de la corte al pasillo.

Un padre joven que acunaba a su hijo fue arrestado inmediatamente, lo que causó que su esposa se abriera paso entre la muchedumbre y gritara pidiendo piedad. Los fotógrafos de los medios y el congresista observaban con atención.

Al final, los agentes lo dejaron ir y las familias corrieron en estampida hacia los ascensores. Golpearon el botón de bajada, se empujaron y treparon unos a otros para entrar en el ascensor como si su vida dependiera de ello.

El mencionado observador de la corte dijo que cree que, gracias a la presencia de la prensa y a la visita sorpresa de Goldman, el hombre fue dejado en libertad.

El viernes, los políticos buscaron mantener la presión, esta vez con la aparición sorpresiva del interventor de la ciudad de Nueva York, Brad Lander.

Sigue leyendo.
https://eldiariony.com/2025/10/27/ice-detiene-a-familias-enteras-para-interrogarlas-dentro-de-26-federal-plaza-en-un-cambio-de-estrategia/

Cryptocurrency is as ‘property’ under Indian law, rules Madras High Court

**Madras High Court Confirms Cryptocurrencies Can Be Owned and Held in Trust**

In a landmark ruling that could reshape the future of cryptocurrency in India, the Madras High Court has declared that cryptocurrencies qualify as property under Indian law. Delivered by Justice N. Anand Venkatesh, the decision affirms that cryptocurrencies can be owned, held in trust, and protected as legal property — a major step in clarifying the legal status of digital assets in the country.

### Cryptocurrency in India Now Recognised as Property

The case originated from a petition by an investor whose 3,532.30 XRP coins were frozen following a cyberattack on WazirX, one of India’s largest cryptocurrency exchanges. In July 2024, WazirX suffered a $234 million hack involving Ethereum and ERC-20 tokens. Although the investor’s XRP holdings were not part of the stolen assets, WazirX sought to redistribute all users’ funds under its so-called “socialisation of losses” plan.

Justice Venkatesh firmly rejected this proposal, ruling that each investor’s digital holdings are individual property and cannot be diluted or redistributed to cover exchange losses. He emphasised that cryptocurrencies, while intangible, possess all the essential attributes of property: they are identifiable, transferable, and exclusively controlled through private keys.

> “It is not a tangible property nor is it a currency,” the judge observed. “However, it is a property, which is capable of being enjoyed and possessed in a beneficial form.”

This interpretation grants digital asset holders stronger legal standing, ensuring that their cryptocurrencies are recognised as assets protected under Indian law.

### Jurisdiction and Investor Protection

The Court also settled important questions regarding jurisdiction, dismissing WazirX’s argument that Singaporean arbitration rules applied due to its parent company, Zettai Pte Ltd, being based in Singapore.

Justice Venkatesh cited the Supreme Court’s earlier decision in *PASL Wind Solutions Pvt Ltd v. GE Power Conversion India Pvt Ltd* (2021), noting that Indian courts have authority over assets located within India. Because the investor’s transactions originated from Chennai and involved an Indian bank account, the Court confirmed the case fell squarely under Indian jurisdiction.

The Court further highlighted that Zanmai Labs Pvt Ltd, which operates WazirX in India, is registered with the Financial Intelligence Unit (FIU), unlike its foreign parent company or Binance. This distinction reinforces that Indian exchanges operating domestically are subject to Indian oversight and accountability—particularly in protecting user assets and maintaining transparent custodial practices.

### Strengthening Web3 Governance

Justice Venkatesh’s ruling went beyond individual relief, calling for higher standards of corporate governance within the Web3 and cryptocurrency sectors. He urged exchanges to:

– Maintain separate client funds
– Conduct independent audits
– Uphold robust KYC and anti-money laundering controls

The Court noted these measures are vital for building trust in the digital economy and protecting consumers from future mishandling of assets.

Legal experts have hailed the judgment as a milestone in developing “crypto-jurisprudence” in India. Vikram Subburaj, CEO of Indian exchange Giottus, described it as a foundational moment that signals to all market participants — exchanges, users, and regulators — that the digital asset space will be held to strong standards of governance and protection.

### A Foundation for India’s Crypto Future

The Court’s ruling not only protects the rights of individual investors but also strengthens the broader regulatory framework surrounding digital assets. By recognising cryptocurrency as property, the judgment fills a crucial legal gap in a country where tax enforcement on crypto remains strict, but investor protections have lagged.

As Justice Venkatesh wrote, courts now serve as the “central stage where the future of digital value is debated.” Through this ruling, the Madras High Court has provided India with a clearer understanding of ownership, responsibility, and trust in the age of decentralisation.

With cryptocurrency in India now firmly recognised as property under Indian law, this decision marks a turning point for the country’s digital asset ecosystem—affirming that crypto holdings are not merely speculative instruments but protected assets under the law.
https://coinjournal.net/news/cryptocurrency-is-as-property-under-indian-law-rules-madras-high-court/

Capitals assistant coach fired after domestic abuse investigation

The Washington Capitals have started their defense of the Metropolitan Division title with a 6-3-0 record in the 2025-26 NHL season. However, an NHL investigation concluded on Sunday has resulted in significant changes to Spencer Carbery’s coaching staff.

The Capitals have fired assistant coach Mitch Love following an NHL investigation into domestic abuse accusations. According to Frank Seravalli, “Sources say NHL has suspended [Capitals] assistant coach Mitch Love for the entirety of the 2025-26 season following an investigation into alleged domestic abuse. The victim reported allegations directly to the NHL and teams Love interviewed with over the summer for head coach vacancies.”

In response to the findings, the Capitals released a statement via their official public relations social media account: “Mitch Love has been relieved of his duties as an assistant coach, effective immediately. This decision follows the findings of an NHL-led investigation into past allegations. The organization is committed to maintaining the highest standards of conduct and accountability.”

Mitch Love joined the Capitals coaching staff in the 2023-24 season when Spencer Carbery took over as head coach. Prior to his tenure in Washington, Love spent time as head coach of the Stockton Heat and Calgary Wranglers, both American Hockey League (AHL) teams.

Seravalli also noted that Love had been considered for NHL head coaching positions last summer, but these allegations affected his opportunities. The Capitals placed Love on leave on September 14, when the investigation began. While specific details of the allegations have not been disclosed, both the NHL and the team deemed the findings serious enough to warrant his suspension and termination.

Love will be eligible to seek new employment in the NHL after the 2025-26 season. However, this investigation has already impacted his career prospects and will likely continue to affect any future job opportunities.

The Washington Capitals are set to return to action on Tuesday with a road game against the Dallas Stars.
https://clutchpoints.com/nhl/washington-capitals/capitals-news-assistant-coach-fired-domestic-abuse-investigation

After UNO campus rape, Heidi Hess chose courage and reclaimed her life

**Editor’s Note:** Earlier this week, Journal Star reporter Peter Breen wrote about how former Lincoln Police Department officer and FBI detective Jeff Howard’s career took a turn while investigating a 1997 rape.
https://journalstar.com/news/local/article_125de286-1300-4b69-9819-529fd23b3777.html

Exxon sues California over new laws requiring corporate climate disclosures

**ExxonMobil Files Federal Lawsuit Challenging California’s Greenhouse Gas Reporting Laws**

ExxonMobil has filed a lawsuit in federal court challenging two California laws that require the oil giant to report the greenhouse gas emissions resulting from the use of its products worldwide.

The company submitted a 30-page complaint on Friday in the U.S. District Court for the Eastern District of California. ExxonMobil argues that these laws violate its First Amendment free speech rights by compelling it to “trumpet California’s preferred message even though ExxonMobil believes the speech is misleading and misguided.”

—

**Overview of the California Climate Legislation**

Senate Bill 253, known as the Climate Corporate Data Accountability Act of 2023, mandates the California Air Resources Board (CARB) to adopt regulations this year. These regulations require public and private companies with over $1 billion in annual revenue to publicly disclose their greenhouse gas emissions across three different “scopes”:

– **Scope 1:** Direct greenhouse gas emissions from the company and its branches.
– **Scope 2:** Indirect emissions, such as electricity purchased by the company.
– **Scope 3:** Emissions from the company’s supply chain, including waste, water usage, business travel, and employee commutes. Notably, these account for about 75% of a company’s greenhouse gas emissions in many industries.

Reporting on Scope 1 and Scope 2 emissions will begin in 2026, with Scope 3 reporting starting in 2027.

—

**ExxonMobil’s Objections**

According to the lawsuit, the Air Resources Board solicited public input during the rule-making process but has yet to respond to ExxonMobil’s September 5 letter, which detailed its objections to the proposed reporting methods.

ExxonMobil contends that the legislative history reveals the laws aim to unfairly single out companies like ExxonMobil “for being large” and to spur public criticism. The complaint states, “California may believe that companies that meet the statutes’ revenue thresholds are uniquely responsible for climate change, but the First Amendment categorically bars it from forcing ExxonMobil to speak in service of that misguided viewpoint.”

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**Expert and Legislative Perspectives**

Michael Gerrard, a prominent climate change legal expert at Columbia University, commented, “These laws do not require Exxon to make any changes in the way it produces, transports, refines or sells oil. They are just about information that Exxon doesn’t want to provide to the public.” He continued, “If Exxon thinks any of the information would be misleading, it’s free to explain why so that readers can draw their own conclusions.”

Supporters of the legislation argue it discourages corporate greenwashing—the practice of falsely portraying a company’s efforts to reduce climate emissions. Sen. Scott Wiener (D-San Francisco), the bill’s author, stated at the time of adoption, “We need the full picture to make the deep emissions cuts that scientists tell us are necessary to avert the worst impacts of climate change.”

—

**Additional Legislation and Legal Challenges**

Another related bill, Senate Bill 261, requires corporations with revenues over $500 million to disclose their climate-related financial risks. In its lawsuit, ExxonMobil claims this law would force it “to engage in granular conjecture about unknowable future developments and to publicly disseminate that speculation on its website.”

—

**Defendants Named in the Lawsuit**

The lawsuit names as defendants California Attorney General Rob Bonta, Air Resources Board Chair Lauren Sanchez, Executive Officer Steven S. Cliff, and two officials from the Board’s Industrial Strategies Division.

—

Neither the Attorney General’s office nor ExxonMobil responded to requests for comment on Saturday. The case is expected to bring significant attention to the intersection of climate policy, corporate responsibility, and free speech rights.
https://www.latimes.com/california/story/2025-10-25/exxonmobil-lawsuit-california-greenhouse-emissions

How a 2018 Supreme Court decision paved the way for meteoric growth in legal sports betting

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### Supreme Court Decision on Sports Betting Explained

By Mark Sherman, Associated Press

WASHINGTON (AP) — A 2018 Supreme Court decision opened the floodgates for the legalized sports-betting industry, now worth billions of dollars a year, despite controversy surrounding the ruling. This decision is back in the spotlight following arrests of more than 30 people, including an NBA player and coach, as part of investigations into criminal schemes involving rigged sports bets and poker games linked to Mafia families.

**What Did the Supreme Court Decide?**
The court struck down a 1992 federal law, the Professional and Amateur Sports Protection Act (PASPA), which barred betting on football, basketball, baseball, and other sports in most states. Justice Samuel Alito, writing for the majority, stated that the way Congress prohibited states from authorizing sports betting violated the Constitution’s Tenth Amendment, which protects states’ powers.

“The legalization of sports gambling requires an important policy choice, but the choice is not ours to make,” Alito wrote. He added that the court’s role is to interpret whether the law Congress enacted aligns with the Constitution—and PASPA did not.

The trouble, Alito explained, was that Congress did not make sports betting a federal crime but instead barred states from legalizing it, infringing upon their authority.

Chief Justice John Roberts and Justices Clarence Thomas, Anthony Kennedy, Neil Gorsuch, and Elena Kagan joined Alito’s opinion.

**Dissenting Views**
Justice Ruth Bader Ginsburg dissented, arguing that the court should have invalidated only the part of the law restricting states and preserved the rest, especially provisions affecting private parties and betting schemes. Writing for Justices Sonia Sotomayor and Stephen Breyer, she highlighted that courts generally seek to salvage rather than demolish a law. Breyer agreed that parts of the law should be struck down but disagreed that the entire law should fail.

Alito countered that Congress did not intend for the provisions to be treated separately.

**Concerns About Corruption**
Senator Bill Bradley of New Jersey, a former NBA star, sponsored PASPA to protect against the dangers of sports betting. Major professional sports leagues and the NCAA urged the court to uphold the law, fearing gambling would harm the integrity of their games. They also highlighted the additional resources needed to monitor betting patterns and investigate suspicious activity. The Trump administration supported maintaining the ban.

Alito acknowledged the controversy around legal sports gambling, citing historical scandals such as the 1919 “Black Sox Scandal” and 1950s college basketball point-shaving schemes as examples of risks to sports integrity.

Nevertheless, he concluded that Congress could not require states to maintain prohibitions against sports betting.

Originally published: October 24, 2025 at 11:10 AM CDT.
https://www.twincities.com/2025/10/24/sports-betting-supreme-court/

Sean Duffy Details How He Could Hammer California For Giving Illegal Aliens CDLs Following Fatal Wreck

I am currently conducting a quick review of their lack of compliance. This assessment aims to identify the key areas where standards have not been met and highlight necessary improvements. By thoroughly examining these issues, we can work towards ensuring full compliance moving forward.
https://dailycaller.com/2025/10/24/sean-duffy-details-how-he-could-hammer-california-for-giving-illegal-aliens-cdls-following-fatal-wreck/

EU says TikTok and Meta broke transparency rules under landmark tech law

The European Commission, the executive arm of the European Union, announced on Friday that it has preliminarily found both TikTok and Meta in breach of its transparency rules.

According to the Commission, both tech giants violated their obligation to grant researchers adequate access to public data under the Digital Services Act (DSA).

Additionally, the Commission found Meta—covering both Instagram and Facebook—in preliminary breach of its duties to provide users with simple mechanisms to notify illegal content. Meta also failed to allow users to effectively challenge content moderation decisions, the statement added.
https://www.cnbc.com/2025/10/24/eu-says-tiktok-and-meta-broke-transparency-rules-under-tech-law.html

Report: Carl Lawson agrees to terms with Ravens

The Ravens have agreed to terms with defensive end Carl Lawson, according to Jordan Schultz of Always On!. Lawson worked out for the Ravens prior to reaching the agreement.

Last season with the Cowboys, Lawson recorded five sacks and 15 quarterback hits over 15 games. He played 401 defensive snaps in 2024, showcasing his durability and impact on the field.

Throughout his career, Lawson has amassed 32 sacks and 122 quarterback hits while playing for the Bengals (2017-2020), Jets (2022-2023), and Cowboys (2024).

The Ravens, currently ranked 30th in yards allowed and 32nd in points allowed, are clearly looking to strengthen their defense. Adding Lawson to the roster will provide much-needed help to the team’s defensive front.
https://www.nbcsports.com/nfl/profootballtalk/rumor-mill/news/report-carl-lawson-agrees-to-terms-with-ravens