Lawyer Ong Yu Jian told Malay Mail that his client Yew See Tak claimed that Luno failed to safeguard the cryptocurrencies in his Luno account, further claiming that this caused a loss of his cryptocurrencies worth almost RM600,000.
Commenting on the significance of the Sessions Court’s decision yesterday, Ong said: “This decision sends a clear message that cryptocurrency platforms can be made liable if their customers’ accounts get scammed or hacked. According to Yew, he had on March 6, 2021 discovered that RM566,570.70 in his Luno account was used in three transactions to buy 2.730096 Bitcoins , describing these as illegal transactions that were carried out in a short span of time.
Yew said he had lodged a police report over the illegal transactions to enable the police to investigate, adding that he also suspected that it was possible those illegal transactions would be linked to unlawful purposes such as money laundering. In its statement of defence, Luno Malaysia denied Yew’s allegations, and presented its own chronology of events that took place.
Luno said it had on March 10, 2021 told Yew that there was no indication that his Luno wallet had been compromised and that a Bitcoin transaction cannot be reversed once carried out due to the nature of blockchain technology. Citing the standard terms of use Yew had to accept in order to register his Luno account, Luno said these state that the company does not owe any duty of care for any losses or transactions made that resulted in losses by Yew.
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Source: malaymail - 🏆 1. / 86 Read more »
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