KUALA LUMPUR (Nov 1): The Sessions Court awarded some RM700,000 to a businessman in a suit he filed against cryptocurrency platform Luno Malaysia Sdn Bhd (Luno) for not safeguarding cryptocurrencies kept in his Luno account.

In the negligence suit filed by plaintiff Yew See Tak, Yew claimed that he had lost some RM600,000 in cryptocurrencies after his Luno account was hacked into, and held the platform responsible for failing to safeguard his holdings.

In the first decision of its kind against a cryptocurrency platform in Malaysia, Petaling Jaya Sessions Court judge Sazlina Safie said that Yew had proven his claim against Luno based on the balance of probabilities.

The court held Luno to be negligent and awarded Yew RM597,920.05, together with an additional RM100,000.00 as exemplary damages.

RM597,920.05 was the sum that was withdrawn by an unknown hacker from Yew’s Luno cryptocurrency account.

The court also ordered costs and interests on the judgment sum to be paid by Luno to Yew.

Luno is recognised by the Securities Commission.

The platform was represented by Faisal Moideen, Maximilian Tai and Clarence Tang.

Meanwhile, Yew was represented by Ong Yu Jian Joshua Ho and Hanani Azamuddin.