This article briefly:

•Crypto traders received an excess refund of $585,000 but failed to return it promptly, causing the amount to increase to a total of $650,000.

•The Victorian Supreme Court issued a freezing order on the accounts of cryptocurrency trader Kow Seng Chai.

•Melbourne University lecturer Shaanan Cohney discussed the challenges of recovering funds in similar cases.

A cryptocurrency trader encountered an unusual situation where he received a refund from a cryptocurrency exchange that exceeded his rights by approximately $585,000. Despite the discrepancy, he failed to return the excess funds in a timely manner.

When the cryptocurrency exchange detected the error, the traders had already withdrawn the excess amount. The cryptocurrency exchange OTC Pro revealed that the total amount involved was about $650,000.

Crypto traders forced to return erroneous refunds

A recent report revealed that the Supreme Court of Victoria, Australia, has issued a freezing order on the accounts of cryptocurrency trader Kow Seng Chai.

The report clarified that Chai initially transferred funds to the exchange account, but due to an error by the exchange, he received a much larger amount due to an extra zero in the funds he transferred.

However, by the time the exchange realized the error, Chai had converted the excess funds into Tether and transferred them to an alternative account.

In many jurisdictions, failure to declare and knowingly accepting an incorrect payment (such as an inaccurate refund amount) constitutes theft.

A zero was accidentally added to the account

Chai initially transferred in $65,000 in late January and didn’t notice the oversight of the extra zeros in his refund until early February.

Shaanan Cohney, a lecturer in cyber security computing and information systems at the University of Melbourne, commented on the situation, expressing doubts about the likelihood of recovering funds in similar circumstances.

However, he noted that Chai’s proximity to the Australian exchange could make a recovery more feasible.

“Typically, the person who received the cryptocurrency funds disappears and that’s the end of the story.”
#加密货币  #资产追回