Kow Seng Chai, an Australian man, disappeared after a cryptocurrency trading platform mistakenly deposited $995,000 into his account – ten times the intended amount
Kow Seng Chai, an Australian man, vanished with around $500,000 in cryptocurrency, mistakenly deposited into his account by Rhino Trading Pty Ltd, the operator of the OTCPro trading platform.
The incident occurred when the trading platform intended to deposit $99,500 into Chai’s account but added an extra zero, causing the amount to increase dramatically to $995,000.
Despite Rhino Trading’s efforts to contact Chai and recover the funds, all attempts have been unsuccessful, leading the company to take legal action to freeze Chai’s assets and prevent him from leaving Australia.
At the time Rhino Trading rectified the error, Chai had withdrawn nearly $956,000 from his account, resulting in the company losing nearly $500,000 after accounting for the remaining balance.
A similar case occurred over a year ago when Crypto.com accidentally transferred $10.5 million to a woman in Victoria, Thevamanogari Manivel.
