Due to Negligence, the Court Ordered LUNO to Pay This Man RM700,000!


 "Damn, will investors' trust in Luno decrease even more after this?"

Yew See Tak, a Malaysian man has been awarded RM700,000 by the Kuala Lumpur Sessions Court as damages in a negligence suit he filed against cryptocurrency e-wallet provider Luno Malaysia Sdn Bhd.

Through a decision posted online yesterday, Sessions Court judge Sazlina Safie ruled in favor of Yew and deemed Luno to be negligent.

Following that, Judge Safie ordered Luno to pay compensation to Yew of RM598,000, which is the amount withdrawn by an unknown hacker from his account in March 2021, then he was also given an additional RM100,000 as an example of damages.

Earlier in August 2021, Yew who filed a lawsuit against Luno not only claimed that the firm failed to protect crypto but also believed that such an incident should not have happened after it was authorized by the Securities Commission (SC) to offer digital asset services.

Later, Yew also said that he had registered as a customer to buy, sell and exchange crypto through Luno but on March 6, 2021, money deposited in his account was found to be transferred in three stages by hackers.

Following Luno's obligation to safeguard his funds based on their business expertise, Yew who suffered a loss filed a complaint with Luno's customer service department but did not receive a positive response.

Although Luno denied Yew's claims, Judge Safie sided with him, so the case can be seen as an important victory for the growing number of crypto users.