KUALA LUMPUR, July 29 — Cryptocurrency investment platform Luno Malaysia Sdn Bhd (Luno) won its appeal today against a court ruling that gave a Malaysian man RM700,000 for allegedly unauthorised trades on his account.

According to The Edge Malaysia, the High Court in Shah Alam disagreed with a Sessions Court decision last year that found Luno liable in the matter.

In her ruling, Datuk Hazizah Kassim said there was so security failure at Luno that caused Yew See Tak to suffer losses of RM600,000 in his trading account.

Last year, Sessions Court judge Sazlina Safie found Luno to be negligent in failing to prevent what Yew alleged to be unauthorised trades using his account.

According to his lawsuit, Yew had on March 6, 2021 discovered that RM566,570.70 in his Luno account was used in three transactions to buy 2.730096 Bitcoins (BTCs), describing these as illegal transactions that were carried out in a short span of time.

Yew claimed that Luno was negligent due to various alleged reasons, such as the alleged failure to stop the illegal transactions despite the exceeding of the daily transaction limit; failure to verify with him if he had authorised those transactions; failure to freeze the account despite suspicious activities and to investigate and take immediate steps to mitigate his losses; and failure to detect the possibility of money laundering and failure to report the transactions to authorities including the Securities Commission.

Sazlina had ordered Luno to compensate Yew with RM597,920 along with RM100,000.00 as exemplary damages.

Today, Yew’s lawyer said he will likely appeal the matter further.

https://www.malaymail.com/news/malaysia/2024/07/29/investor-loses-rm700000-award-against-luno-after-crypto-firm-wins-appeal/145339