Man Vanishes After Crypto Exchange Accidentally Transfers $5,85,000

Juhi Mirza
a thief stealing something
Image Source: Pixabay

In a bizarre new development, a man in Australia reportedly vanished into thin air after getting an accidental crypto deposit worth $5,85,000.

A crypto exchange reportedly made an error while sending a deposit to Kow Seng Chai, a 37-year-old Mildura man.

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A Silly Crypto Exchange Folly: What Happened?

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Slip-ups and errors are a part of every industrial vertical. However, it seems that this particular slip-up ended up being heavy for the crypto exchange Rhino Trading Pty. The company is now turning to court to get its money back and is gearing up to file charges against Chai.

The official records show that on January 25th, OTCPro, a website operated by Rhino Trading Pty Ltd, received a $99,500 deposit from Chai’s business account.

While crediting the amount back to Mr Chai’s account, the company accidentally sent $999,500 instead of $99,500

On February 4, during the auditing, the firm encountered its hefty error, which took the mayhem to a whole new level.

“By the time OTCPro picked up the error, Lotte Enterprise had used some of the funds to purchase a cryptocurrency called Tether. He later withdrew funds in multiple maximum daily installments of US$100,000.“ The report shared.

The report later adds how, over ten days, Chai continued to withdraw funds amounting to $956,000.

Subtracting the amount accidentally credited to the account from the remaining balance, OTCPro subsequently disclosed that it had lost $491,934.76, in total.

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Account Holder Unresponsive To Summon Calls

Once the error came to light when the crypto exchange tried contacting Mr. Chai through emails and phone calls. However, Mr. Chai is yet to respond to those calls and requests.

Additionally, the Victorian Supreme Court has reportedly issued an order to freeze Mr. Chai’s assets. Upon further investigation, it was found that Mr. Chai had provided fraudulent bank statements of his enterprise Lottery Business Activities.

The case is pending review with an active investigation going on at the moment.