Man Vanishes After Crypto Trading Platform’s Error Makes Him a Millionaire
An Australian man disappears after reportedly pocketing approximately $500,000 from his cryptocurrency account due to an error.Australian disappears after receiving $500K in crypto account error report
📷 Image Source: Tanzeel Akhtar 📅 Last updated: February 26, 2024 00:58 EST ⌛ Reading time: 1 min
An Australian man has mysteriously disappeared after apparently becoming an accidental millionaire due to a mistake made by cryptocurrency trading platform Rhino Trading Pty Ltd. According to an ABC report, Kow Seng Chai has allegedly pocketed hundreds of thousands of dollars after the trading platform mistakenly credited his account with AUD $995,000 (US $652,316) instead of AUD $99,500 (US $65,237).
Rhino Trading Pty Ltd claims that Chai has ignored their requests to return the money. By the time the error was discovered on February 4, Chai had already used some of the funds to purchase Tether through an account set up by his business, Lotte Enterprise Pty Ltd. He then withdrew funds in multiple maximum daily instalments of US$100,000.
The 37-year-old man from Mildura has completely vanished, prompting the Victorian Supreme Court to issue a “freezing order” on his assets and an injunction preventing him from leaving Australia.
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Similar Case: Couple Receives $10.5M from Crypto.com
This incident is not the first time such a mistake has occurred. In 2021, a Melbourne couple unwittingly received 10.5 million Australian dollars ($6.7 million) from Crypto.com and now faces a theft charge. The couple spent the money before the error was discovered, as reported by Ruholamin Haqshanas from Blocking.net.com.
The incident took place in May 2021 when Thevamanogari Manivel made a transfer to her partner Jatinder Singh’s Crypto.com account. However, instead of a AUD $100 ($67) refund, the couple accidentally received AUD $10.5 million (worth over $7 million) from the exchange. The mistake went unnoticed until December 2021 during Crypto.com’s annual audit.
Couple Claims They Believed They Won a Prize
During the court proceedings in October 2022, the couple argued that they believed they had won a prize from the crypto exchange. Singh claimed to have received a notification about a competition from the company in the past. However, Crypto.com’s compliance officer, Michi Chan Fores, refuted any such competition, stating that the exchange did not send such notifications to its users. In September 2023, Manivel pleaded guilty to recklessly dealing with the proceeds of the crime.
Q&A
Q: How do mistakes like these happen in cryptocurrency transactions? A: Mistakes in cryptocurrency transactions can occur due to human error, system glitches, or technical issues. In this case, it seems to be a human error on the part of Rhino Trading Pty Ltd, where an extra zero was mistakenly added to the account balance.
Q: What are the legal implications for individuals who receive extra funds by mistake? A: When individuals receive extra funds by mistake, they are generally required to return the money to its rightful owner. Failing to do so can result in legal consequences, such as theft charges or facing a freezing order on their assets.
Q: How can cryptocurrency exchanges prevent such mistakes from happening? A: Cryptocurrency exchanges should have robust systems in place to verify and confirm transactions accurately. Implementing additional checks and balances, such as multi-factor authentication and automated error detection mechanisms, can help prevent such mistakes from occurring.
The cases of Kow Seng Chai and the Melbourne couple serve as cautionary tales about the challenges and risks involved in the world of cryptocurrencies. While the allure of sudden wealth may tempt some, it is crucial to remember the importance of ethical behavior and financial responsibility.
As the crypto industry continues to evolve and gain mainstream attention, incidents like these highlight the need for better regulation and investor education. It is essential for individuals to understand the potential risks and complexities of cryptocurrency transactions and remain vigilant to protect their assets.
🔥🔐 In the ever-changing landscape of cryptocurrencies, it’s important to stay informed and make wise investment decisions. Remember, always double-check your transactions and be wary of unexpected windfalls. Stay tuned for more updates and insights on the fascinating world of blockchain technology and financial markets!
References:
- ABC Report on the Mysterious Disappearance
- Ruholamin Haqshanas’s Report on the Melbourne Couple’s Case
- Google News for the Latest Updates
📣📣📣 Hey readers! What do you think about these unusual cases involving cryptocurrency mishaps? Have you ever come across any strange occurrences in the crypto world? Share your thoughts and stories in the comments section below! And if you enjoyed this article, don’t forget to hit the share button and spread the knowledge on social media. Let’s keep the conversation buzzing! 🚀🚀🚀
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