Man Sues Cryptocurrency Platform, Awarded RM700,000

Man Sues Cryptocurrency Platform, Awarded RM700,000

The sessions court has awarded a businessman RM700,000 in a suit he filed against the cryptocurrency platform Luno, who is also recognised by the Securities Commission.

The suit is filed on the grounds that Luno has failed to implement proper measures to safeguard the man’s cryptocurrencies held in his Luno account.

The man, Yew See Tak, held Luno responsible after he lost around RM600,000 in cryptocurrencies when his Luno account was hacked into.

The decision to grant Yew his losses was made by Petaling Jaya Sessions Court judge Sazlina Safie. The decision is also the first of its kind in Malaysia.

According to Sazlina, Yew has proven his claim against Luno based on the balance of probabilities.

In the court’s decision, Luno was held as negligent and awarded Yew RM597,920.05, together with an additional RM100,000.00 as exemplary damages, The Edge reported.

Luno is also ordered to pay the costs and interests on the judgment sum to Yew.

In Malaysia, cryptocurrency was first recognised as a form of security and commodity in 2020, when the Shah Alam Sessions Court ruled that cryptocurrency falls within Section 70 of the Contracts Act 1950.

Read More: How To Make Sure You Don’t Lose Your Cryptocurrencies

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