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Australian Man Vanishes After Receiving Half a Million Dollars in Crypto Account Error: Report

According to an ABC report, an Australian man named Kow Seng Chai has reportedly disappeared after allegedly pocketing nearly half a million dollars due to a mistake made by cryptocurrency trading platform Rhino Trading Pty Ltd. The platform mistakenly added an extra zero to his account, crediting him with AUD $995,000 (US $652,316) instead of AUD $99,500 (US $65,237).

Despite requests from Rhino Trading Pty Ltd to return the money, Chai has allegedly failed to respond. It was discovered that Chai had utilized some of the funds to purchase Tether through an account set up by his business, Lotte Enterprise Pty Ltd, by the time the trading firm noticed the error on February 4. He withdrew funds in multiple daily installments, each capped at US$100,000.

The 37-year-old resident of Mildura has now disappeared entirely, prompting the Victorian Supreme Court to issue a “freezing order” on his assets and an injunction preventing him from leaving Australia.

Similar Case: Couple Received $10.5M from Crypto.com

In a similar incident in 2021, a Melbourne couple found themselves facing a theft charge after unintentionally receiving 10.5 million Australian dollars ($6.7 million) from Crypto.com. The couple, as reported by Ruholamin Haqshanas from Cryptonews.com, received the funds in error and proceeded to spend the money before the mistake was detected.

The incident occurred in May 2021 when Thevamanogari Manivel made a transfer to her partner Jatinder Singh’s Crypto.com account. The exchange identified a discrepancy between the bank account and the exchange account and issued a refund.

However, instead of a refund of AUD $100 ($67), the exchange mistakenly sent AUD $10.5 million (worth over $7 million) to the Melbourne-based investors. The error went unnoticed until December 2021 when Crypto.com conducted its annual audit.

Couple Claim they Believed they Won a Prize

During the court proceedings in October 2022, the couple asserted that they were under the impression they had won a prize from the crypto exchange. Singh argued that he had received a notification about a competition from the company previously.

However, Crypto.com’s compliance officer, Michi Chan Fores, denied the existence of 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.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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