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Crypto exchange OTCPro mistakenly credited more than $650,000 to a user's account and is seeking to recover losses

Crypto exchange OTCPro mistakenly credited more than $650,000 to a user's account and is seeking to recover losses

CointimeCointime2024/02/26 05:04
By:Cointime

On February 26th, according to court documents cited by ABC News, Rhino Trading, which owns the OTCPro exchange, mistakenly deposited 653,000 US dollars (995,000 Australian dollars) into a user's account in January, when it should have been 65,300 US dollars (99,500 Australian dollars). The exchange claimed to have communicated with the user, Kow Seng Chai, about the oversight on February 4th, but received no response to their email seeking the return of the funds. Chai did not appear in court. The court documents also stated that the user is suspected of using some of the erroneously sent funds to purchase USDT and withdrew approximately 626,700 US dollars (equivalent to 956,000 Australian dollars) from the exchange with a maximum limit of 100,000 US dollars. The Supreme Court of Victoria subsequently froze the man's assets on February 9th and issued an injunction on February 21st to prevent him from leaving the country. Meanwhile, the exchange claimed a loss of nearly 322,700 US dollars, the difference between Chai's remaining account balance and the total amount of erroneously sent funds.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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