OTCPro client disappeared from view after receiving $650,000 due to an exchange error
In Australia, a user received $653,000 due to a crypto exchange error. After the funds were credited, the company's client stopped contacting.
The Australian cryptocurrency exchange OTCPro mistakenly sent $653,000 to the user. After receiving the funds, the client stopped contacting and did not appear in court in the case of embezzlement of assets, ABC News writes with reference to court documents.
According to available information, on January 25, 2024, 37-year-old Kou Seng Chai placed a deposit of 99,500 Australian dollars (AUD) — $65,300 on OTCPro. However, due to an unforeseen error, 995,000 AUD ($653,000) was credited to his company Lotte Enterprise Pty Ltd.
The company discovered the problematic operation only on February 4, 2024. During this time, the man withdrew most of the funds received — 956,000 AUD ($626,700). He converted assets into USDT and withdrew $100,000 daily using the entire daily limit.
After the error was discovered, representatives of Rhino Trading, the parent company of OTCPro, tried to contact the client. However, the person who answered the phone claimed that this number did not belong to Sang Chai. The user did not respond to emails.
The firm went to court, after which the remaining assets of the client were frozen, and on February 21, 2024, the man was banned from leaving the country. At the same time, local media claim that the user ignored the court sessions and disappeared from sight.
Representatives of the exchange announced losses of $322,700. The company was able to return some of the funds due to frozen funds.
A similar story with an erroneous translation occurred in August 2022. Then the cryptocurrency exchange Crypto.com I accidentally sent a client $10 million instead of $100. The error was discovered only six months later.
Source: https://incrypted.com/klyent-otcpro-skrylsja-yz-vydu-posle-poluchenyja-650-000-yz-za-oshybky-byrzhy/
