An Australian cryptocurrency exchange is reportedly seeking to recover approximately $328,000 from a user following a significant error in crediting their account.
According to court documents cited by ABC News, Rhino Trading, the OTCPro exchange’s owner, mistakenly deposited $653,000 (995,000 Australian dollars) into the user’s account in January, instead of the intended $65,300 (99,500 Australian dollars).
Rhino Trading asserts that upon discovering the error on February 4, the user, identified as Kow Seng Chai, has failed to respond to emails requesting the return of the funds.
According to court documents, it’s alleged that the individual in question used some of the mistakenly transferred funds to buy Tether and withdrew them from the exchange in lots of $100,000, reaching a total withdrawal of approximately $6226,700 (equivalent to 956,000 Australian dollars) over ten days.
Additionally, Rhino Trading claims that during a phone call to the number linked to the account, the person denied being associated with Chai, who failed to appear in court.
The Supreme Court of Victoria has taken action by freezing the man’s assets as of February 9 and issuing an injunction on February 21 to prevent him from leaving the country.
Justice Michael Osborne noted the genuine risk of assets being disposed of, considering the falsified bank statements when issuing the orders to freeze Chai’s assets and restrict his departure from Australia.
Also Read: $56M Funds Shifted from Defunct Exchange as Executive Flee
