Man Allegedly Pockets $500K After Cryptocurrency Platform Accidentally Adds Extra Zero to His Account
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A Mildura man, Kow Seng Chai, allegedly pocketed about $500,000 when a cryptocurrency trading platform accidentally added an extra zero to his account.
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The trading platform, OTCPro, applied to freeze Chai's assets and prevent him from leaving the country after he failed to respond to requests to return the money.
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Chai withdrew about $956,000 over 10 days before OTCPro picked up on the error. The platform claims a total loss of $491,934.76.
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OTCPro contacted Chai to request return of the funds, but the phone number provided was not his and he did not respond to emails.
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The case offers rare insight into crypto trading as such cases rarely make it to court, with people who erroneously receive funds typically disappearing without trace.