{"id":59585,"date":"2023-11-01T16:16:26","date_gmt":"2023-11-01T08:16:26","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=59585"},"modified":"2023-11-01T16:47:37","modified_gmt":"2023-11-01T08:47:37","slug":"man-sues-luno","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/man-sues-luno","title":{"rendered":"Man Sues Cryptocurrency Platform, Awarded RM700,000"},"content":{"rendered":"

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.<\/p>\n

The suit is filed on the grounds that Luno has failed to implement proper measures to safeguard the man\u2019s cryptocurrencies held in his Luno account.<\/p>\n

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

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.<\/p>\n

According to Sazlina, Yew has proven his claim against Luno based on the balance of probabilities.<\/p>\n

In the court\u2019s decision, Luno was held as negligent and awarded Yew RM597,920.05, together with an additional RM100,000.00 as exemplary damages, The Edge<\/a> reported.<\/p>\n

Luno is also ordered to pay the costs and interests on the judgment sum to Yew.<\/p>\n

In Malaysia, cryptocurrency was first recognised<\/a> 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.<\/p>\n

Read More: How To Make Sure You Don’t Lose Your Cryptocurrencies<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The sessions court has awarded RM700,000 for a man who sued Luno, the cryptocurrency platform for their failure to safeguard his cryptocurrencies.<\/p>\n","protected":false},"author":51,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[900,216],"tags":[820,635,744],"class_list":["post-59585","post","type-post","status-publish","format-standard","hentry","category-cryptocurrency","category-news-updates","tag-crypto","tag-cryptocurrency","tag-luno"],"acf":[],"yoast_head":"\nMan Sues Luno, Wins RM700,000<\/title>\n<meta name=\"description\" content=\"The sessions court has awarded RM700,000 for a man who sued Luno, the cryptocurrency platform for their failure to safeguard his cryptocurrencies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/man-sues-luno\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Man Sues Luno, Wins RM700,000\" \/>\n<meta property=\"og:description\" content=\"The sessions court has awarded RM700,000 for a man who sued Luno, the cryptocurrency platform for their failure to safeguard his cryptocurrencies.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.imoney.my\/articles\/man-sues-luno\" \/>\n<meta property=\"og:site_name\" content=\"iMoney Malaysia\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-01T08:16:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-01T08:47:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/11\/01161518\/pexels-rdne-stock-project-8370752_1200x628.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Haziq Alfian\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Haziq Alfian\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.imoney.my\/articles\/man-sues-luno\",\"url\":\"https:\/\/www.imoney.my\/articles\/man-sues-luno\",\"name\":\"Man Sues Luno, Wins RM700,000\",\"isPartOf\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\"},\"datePublished\":\"2023-11-01T08:16:26+00:00\",\"dateModified\":\"2023-11-01T08:47:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a\"},\"description\":\"The sessions court has awarded RM700,000 for a man who sued Luno, the cryptocurrency platform for their failure to safeguard his cryptocurrencies.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/man-sues-luno#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.imoney.my\/articles\/man-sues-luno\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.imoney.my\/articles\/man-sues-luno#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.imoney.my\/articles\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Cryptocurrency\",\"item\":\"https:\/\/www.imoney.my\/articles\/category\/cryptocurrency\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Man Sues Cryptocurrency Platform, Awarded RM700,000\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\",\"url\":\"https:\/\/www.imoney.my\/articles\/\",\"name\":\"iMoney Malaysia\",\"description\":\"Everything you need to know about improving your personal finances.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.imoney.my\/articles\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a\",\"name\":\"Haziq Alfian\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4165e8554ae5d986f5bed18bcaa78ba3?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/4165e8554ae5d986f5bed18bcaa78ba3?s=96&d=mm&r=g\",\"caption\":\"Haziq Alfian\"},\"description\":\"A reader turned writer, Haziq Alfian navigates personal finance, sports, and politics with a practical touch. From money matters to the playing field and political landscapes, Haziq aims at providing you with a grounded, unbiased, and simple look at the daily happenings of the world.\",\"url\":\"https:\/\/www.imoney.my\/articles\/author\/haziq-alfian\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Man Sues Luno, Wins RM700,000","description":"The sessions court has awarded RM700,000 for a man who sued Luno, the cryptocurrency platform for their failure to safeguard his cryptocurrencies.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.imoney.my\/articles\/man-sues-luno","og_locale":"en_US","og_type":"article","og_title":"Man Sues Luno, Wins RM700,000","og_description":"The sessions court has awarded RM700,000 for a man who sued Luno, the cryptocurrency platform for their failure to safeguard his cryptocurrencies.","og_url":"https:\/\/www.imoney.my\/articles\/man-sues-luno","og_site_name":"iMoney Malaysia","article_published_time":"2023-11-01T08:16:26+00:00","article_modified_time":"2023-11-01T08:47:37+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/11\/01161518\/pexels-rdne-stock-project-8370752_1200x628.webp","type":"image\/webp"}],"author":"Haziq Alfian","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Haziq Alfian","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.imoney.my\/articles\/man-sues-luno","url":"https:\/\/www.imoney.my\/articles\/man-sues-luno","name":"Man Sues Luno, Wins RM700,000","isPartOf":{"@id":"https:\/\/www.imoney.my\/articles\/#website"},"datePublished":"2023-11-01T08:16:26+00:00","dateModified":"2023-11-01T08:47:37+00:00","author":{"@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a"},"description":"The sessions court has awarded RM700,000 for a man who sued Luno, the cryptocurrency platform for their failure to safeguard his cryptocurrencies.","breadcrumb":{"@id":"https:\/\/www.imoney.my\/articles\/man-sues-luno#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.imoney.my\/articles\/man-sues-luno"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.imoney.my\/articles\/man-sues-luno#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.imoney.my\/articles\/"},{"@type":"ListItem","position":2,"name":"Cryptocurrency","item":"https:\/\/www.imoney.my\/articles\/category\/cryptocurrency"},{"@type":"ListItem","position":3,"name":"Man Sues Cryptocurrency Platform, Awarded RM700,000"}]},{"@type":"WebSite","@id":"https:\/\/www.imoney.my\/articles\/#website","url":"https:\/\/www.imoney.my\/articles\/","name":"iMoney Malaysia","description":"Everything you need to know about improving your personal finances.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.imoney.my\/articles\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a","name":"Haziq Alfian","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/4165e8554ae5d986f5bed18bcaa78ba3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4165e8554ae5d986f5bed18bcaa78ba3?s=96&d=mm&r=g","caption":"Haziq Alfian"},"description":"A reader turned writer, Haziq Alfian navigates personal finance, sports, and politics with a practical touch. From money matters to the playing field and political landscapes, Haziq aims at providing you with a grounded, unbiased, and simple look at the daily happenings of the world.","url":"https:\/\/www.imoney.my\/articles\/author\/haziq-alfian"}]}},"_links":{"self":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/59585"}],"collection":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/comments?post=59585"}],"version-history":[{"count":3,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/59585\/revisions"}],"predecessor-version":[{"id":59589,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/59585\/revisions\/59589"}],"wp:attachment":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media?parent=59585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/categories?post=59585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/tags?post=59585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}