Summary
TLDR: A crypto trader received a refund from a crypto exchange that exceeded his entitlement by $585,000 USD. Despite the error, he did not return the excess funds. The exchange discovered the mistake after the trader had already withdrawn the excess amount. The Victorian Supreme Court has issued a freezing order on the trader’s account. Recovery of the funds is uncertain, but proximity to the exchange in Australia may make it more feasible.
Key Points
1. A crypto trader received a refund from a crypto exchange exceeding his entitlement by approximately $585,000 USD and failed to promptly return the surplus funds.
2. The crypto exchange, OTCPro, detected the error after the trader had already withdrawn the excess amount, totaling around $650,000 USD.
3. The Victorian Supreme Court issued a freezing order on the crypto trader’s account, Kow Seng Chai, after he converted the excess funds into Tether and transferred them to alternative accounts.