KUALA LUMPUR: The Shah Alam High Court has overturned the ruling made by the Petaling Jaya Sessions Court on Yew See Tak's claim of Luno Malaysia Sdn Bhd's negligence.
Luno said the High Court delivered its verdict today and was in favour of the country's regulated digital assets exchange.
The case emphasised the need for customers to maintain the security of their own email accounts, mobile devices and passwords, Luno added.
In November last year, the Sessions Court ruled in favour of Yew following his claims that Luno did not safeguard the cryptocurrencies in his account and allegedly used over RM500,000 in 2021 to buy Bitcoin.
He further claimed that this led to a loss of his cryptocurrencies worth almost RM600,000.
The court ordered for Luno to compensate Yew a total of RM697,920.05.
Luno said as a regulated digital assets exchange platform registered with the Securities Commission, it has always upheld the strongest levels of regulatory compliance and customer security, following strict procedures to keep its customers' cryptocurrencies safe and secure.
"In this particular case, Luno's security features operated as they were designed to, with all account security features being successfully passed (including two-factor authentication) and each transaction being authorised via an SMS authorisation link sent to the plaintiff's mobile phone," it said in a statement.
"Luno continues to focus on educating customers against financial fraud, underscoring the importance of vigilance in managing personal data, and encourages customers to enable the long already available additional security features, namely, trusted device security and two-factor authentication," it added.