“The first Malaysian judgment of precedential value relating to the recovery of mistakenly transferred cryptocurrency, Robert Ong Thien Cheng v LUNO Pte Ltd and BitX Malaysia Sdn Bhd, is uncharacteristically short but raises important issues in the law of unjust enrichment. Even within the Commonwealth, this is the first reported case involving an unjust enrichment claim to recover mistakenly transferred cryptoassets. In short, Ong was a modern replay of Chase Manhattan Bank NA v Israel-British Bank (London) Ltd involving a mistaken transfer of Bitcoins (‘BTC’). The claimant cryptocurrency exchange, LUNO, made a second mistaken transfer of 11.3 BTC to an electronic wallet of the defendant, Robert Ong, after having already made a transfer on the same day …”
See, Alvin WL and Yip, Man, Restitution of mistakenly transferred bitcoins, [2022] Lloyd’s Maritime and Commercial Law Quarterly 46-52; Research Collection School of Law.
First posted 2022-04-12 10:00:47
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