Crypto News– A crypto trader found himself in a perplexing situation after receiving a refund from a cryptocurrency exchange that exceeded his entitlement by a staggering $585,000. Despite the glaring error, he neglected to promptly return the surplus funds.
Crypto Trader Under Investigation for Receiving a Whopping 585K Dollar Excessive Refund from Exchange
By the time the crypto exchange detected the mistake, the trader had already withdrawn the bexcessive amount. OTCPro, the cryptocurrency exchange involved, disclosed that the total amount in question amounted to approximately $650,000. According to recent reports, the Victorian Supreme Court in Australia has issued a freezing order on the account of the crypto trader, Kow Seng Chai.
The report elucidates that Chai initially deposited funds into his trading account, but due to an error on the part of the exchange, he received a substantially larger sum. However, by the time the exchange acknowledged the mistake, Chai had already converted the excess funds into Tether and transferred them to other accounts.
In various jurisdictions, failing to report an erroneous payment, such as an inaccurate refund, can be considered theft.
An Additional Zero Mistakenly Added to Account
Chai had initially deposited $65,000 USD in late January. However, the accidental inclusion of an extra zero in the refund went unnoticed until early February. Shaanan Cohney, a lecturer in Cyber Security, Computing, and Information Systems at Melbourne University, commented on the situation, expressing doubts about the feasibility of recovering funds in such circumstances.
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