An ABC report reveals that an Australian man disappeared after he claimed to have raked in about half a million dollars when the Rhino Trading Pty Ltd platform, which sells cryptocurrencies, accidentally added a zero to his account.
Kow Seng Chai believes he raked in hundreds of thousands of dollars after the cryptocurrency trading platform mistakenly credited his account with AUD 995,000 ($652,316) instead of AUD 99,500 ($65,237).
Rhino Trading Pty Ltd. reported that Chai refused to respond to requests for a refund. Before the trading firm identified the error on Feb. 4, Chai had used some of the money to purchase Tether through an account set up by his company Lotte Enterprise Pty Ltd. He withdrew the funds daily in maximum installments of $100,000.
the 37-year-old man from Mildura disappeared completely, and the Victorian Supreme Court issued a “freeze order” on his assets and banned him from leaving the country.
This is not the first case of this kind of error. A Melbourne couple was charged with theft in 2021 after inadvertently receiving 10.5 million Australian dollars ($6.7 million) from Crypto.com. As stated by Cryptonews.com’s Ruholamin Haqshanas, the couple was told they received the money by mistake, and proceeded to spend it before it was detected.
During the trial in October 2022, the couple said they received the reward from a cryptocurrency exchange. Singh claimed that he had previously received notification from the company about the contest.
Regarding Crypto.com’s compliance, Michi Chan Fores, the exchange’s compliance officer, said the exchange does not send users such notifications. In September 2023. Manivel was charged with reckless handling of proceeds of crime.
