31 Oct 2023
YEW SEE TAK LUNO MALAYSIA SDN BHD
- Citation
- BB-B52NCvC-43-08/2021 (Mahkamah Sesyen)
- Court
- Sessions Court
- Case number
- BB-B52NCvC-43-08/2021 (Mahkamah Sesyen)
As a licensed Recognised Market Operator entrusted with custody-equivalent digital wallets, the defendant owed a duty of care (and fiduciary-like obligations in context) to the plaintiff; the defendant breached that duty by failing to detect and investigate large, rapid, suspicious transfers, by delaying protective measures and failing to report to the Securities Commission, and those breaches caused the plaintiff's loss; accordingly the plaintiff is entitled to declaratory relief, special damages for the lost crypto, aggravated/exemplary damages, interest and costs.