KUALA LUMPUR (July 29): The Shah Alam High Court, on Monday, overturned a Sessions Court ruling that awarded some RM700,000 to a businessman, who had filed a suit against Luno Malaysia Sdn Bhd (Luno) for failing to safeguard the cryptocurrencies in his Luno account last year.

In her decision Monday, High Court Judge Datuk Hazizah Kassim had reversed the decision stating that there was no security lapse on Luno’s part which caused the businessman to lose RM600,000 from his Luno account.

The Sessions Court had last year awarded Yew See Tak some RM700,000 after it found Luno to be negligent.

In the negligence suit filed by Yew, he 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.

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 as exemplary damages.

However, Hazizah differed with the Sessions Court. She said that the sessions court judge in her decision had imposed a high standard of care and duty to Luno with not enough evidence tendered.

Hazizah then awarded cost of RM10,000 to Luno.

Luno’s lawyer Faisal Moideen confirmed the decision with The Edge this afternoon.

Faisal was also supported by Maximilian Tai and Clarence Tang.

Yew was represented by Ong Yu Jian, Joshua Ho and Hanani Azamuddin. Ong told The Edge that it is “highly likely” that his client will appeal the decision at the Court of Appeal.

Luno is recognised by the Securities Commission.