📣 User Mistakenly Receives $653,000 from Crypto Exchange
posted 26 Feb 2024
Australian crypto exchange OTCPro mistakenly sent $653,000 instead of the intended $65,300 to a corporate account belonging to Kow Seng Chai. Mr. Chai quickly withdrew the funds using the Tether (USDT) stablecoin. When the mistake was discovered, attempts to contact him were ignored, and the phone number provided turned out to be incorrect.
Moreover, Mr. Chai did not respond to legal actions and court summons, leading authorities to freeze his bank assets and cryptocurrency account balances and restrict his travel. However, according to the exchange's representatives and the judge, even with these measures, the company's losses remain at around $322,700.
Normally the person who is sent the cryptocurrency funds disappears into the ether. And that's the end of the story,Melbourne University Lecturer in Cyber Security Computing and Information Systems Shaanan Cohney said.
This case echoes a previous incident on the Crypto.com platform, where an Australian couple was erroneously given $6.7 million instead of a $100 refund. They began investing in real estate, cars, jewelry, and luxury items. The court found the wife guilty, sentencing her to 18 months of community service, while the husband's sentencing is pending.
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