Man Allegedly Vanishes After Crypto Exchange Accidentally Sends Him $585,000: Report – The Daily Hodl

An Australian man reportedly disappeared after a cryptocurrency exchange mistakenly transferred more than $585,000 to his account.

According to the new Australian Broadcasting Corporation (ABC), reportthe crypto trading platform Rhino Trading Pty Ltd, which operates OTCPro, allegedly mistakenly added zeros to account deposits made by Kou Seng Chai, a 37-year-old Mildura man.

Efforts by the platform to contact Chai to get the money back were unsuccessful, and the company went to court.

According to court documents cited by the ABC, the cryptocurrency exchange successfully applied to the Victorian Supreme Court to freeze Chai’s assets and ban him from leaving Australia.

According to the report, OTCPro received a deposit of A$99,500 from Chai on January 25 through an account opened by his business, Lotte Enterprise Pty Ltd.

However, when the trading platform credited this account, it added AU$995,000 instead of AU$99,500, erroneously passing approximately $585,000 to the customer.

The platform did not notice this discrepancy until February 4th, by which time Chai had used account funds to purchase USDT, a stablecoin issued by Tether, and also used account funds to purchase USDT, a stablecoin issued by Tether, and also to increase the maximum daily allowance over multiple days. He is said to have withdrawn the amount.

According to cited court documents, Mr Chai’s account totaled A$1.36 million after being mistakenly credited, and he allegedly withdrew about A$956,000 over a 10-day period.

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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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