JUDGMENT

Adlin Abdul Majid J:

A. Introduction

[1] The plaintiff in the main action filed an application for a Mareva Injunction against the defendant in the main action ("Mareva Injunction Application").

[2] The court dismissed the application, after finding insufficient evidence of a risk that the defendant will dissipate his assets.

B. Background Facts

[3] The plaintiff filed this claim to seek an amount of RM3,225,000.00, which the plaintiff claimed was misappropriated by the defendant.

[4] The plaintiff claimed he made payments totalling RM6,950,000.00 to the defendant, for the purpose of investments in various companies affiliated with Dato' Simon Cheong Hong Mun ("Dato' Simon"). The payments were made in cryptocurrency USDT, a form of cryptocurrency where the value of cryptocurrency is tethered and/or pegged to United States Dollars. The sums were transferred to the defendant's cryptocurrency wallet ("Defendant's Digital Wallet"), based on the understanding that the defendant will remit the sums to Dato' Simon, his agents and/or nominees.

[5] The plaintiff claimed that sometime in July 2023, he discovered from Dato' Simon that out of the RM6,950,000.00 he had paid to the defendant, t