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An Australian crypto exchange, OTCPro, is trying to reclaim approximately $328,000 from one of its users. OTCPro exchange, owned by Rhino Trading, made a mistake by accidentally crediting $653,000 to an account.
According to ABC News, the exchange claims that user Kow Seng Chai did not respond to emails to return the funds after it realized the mistake on February 4. Court documents allege that the user used part of the funds mistakenly sent to buy Tether (USDT) and withdraw from the exchange, exceeding the daily maximum withdrawal limit of $100,000. Rhino Trading also alleges that the number calling the account linked to Chai was not Chai’s number.
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The Supreme Court of the state of Victoria froze the man’s assets on February 9 and issued a prohibition order on February 21 to prevent the man from leaving the country. The court noted the risk of disposal of assets and therefore decided to freeze Chai’s assets and prevent him from leaving Australia. The exchange claims to have incurred a loss of almost $322,700, considering the difference between the remaining account balance of Chai and the total of the funds mistakenly sent.
The mistake of OTCPro occurred more than two and a half years after Crypto.com made a similar mistake with a user. In May 2021, Crypto.com sent $6.86 million to Thevamanogari Manivel and Jatinder Singh, a Melbourne couple, due to a worker mistakenly typing an account number into the payment section of an Excel spreadsheet.
The couple claimed to believe that this was prize money and bought homes, vehicles, and gifts for family members with this money. While the court issued Manivel an 18-month community correction order in September 2023, Singh’s case will be heard in a Melbourne court in March.
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