1. BITBILIHome
  2. Article

Cryptocurrency exchange Crypto.com battles user over mistaken $50,000 deposit

• 80 views

TL;DR Breakdown

  • Crypto.com seeks court confirmation of an arbitration award after mistakenly depositing $50,000 into a user’s account.
  • The user promptly transferred the money to an offshore bank account and refused to return it.
  • The arbitrator ruled in favour of Crypto.com and awarded them $76,391.46 but lacked the authority to compel the user to pay.

Description

Crypto.com, the leading cryptocurrency exchange, has taken legal action to secure confirmation of an arbitration award in its favour after a user’s account was wrongly credited with $50,000. According to court documents filed on July 6, Crypto.com claimed the funds were mistakenly deposited into James Deutero McJunkins’ account in June 2022. McJunkins swiftly transferred the … Read more

Crypto.com, the leading cryptocurrency exchange, has taken legal action to secure confirmation of an arbitration award in its favour after a user’s account was wrongly credited with $50,000.

According to court documents filed on July 6, Crypto.com claimed the funds were mistakenly deposited into James Deutero McJunkins’ account in June 2022. McJunkins swiftly transferred the money to an offshore bank account, evading Crypto.com’s attempts to recover the funds and refusing to return them.

To address the issue, Crypto.com filed a claim for arbitration in October 2022, citing civil theft and breach of contract by McJunkins. After a thorough examination, the arbitrator ruled in favour of Crypto.com and awarded the company $76,391.46 in April 2023. This includes the initial $50,000 transaction, statutory interest of $1,786.11, lawyers’ fees of $21,205.35, and arbitration expenses of $3,400.

Despite the favorable outcome of the arbitration process, the arbitrator lacked the authority to compel McJunkins to make the payment. As a result, Crypto.com has sought a resolution by turning to the federal court system. On July 6, the company filed a petition with a Florida court, requesting confirmation of the arbitrator’s award and the entry of a final judgment in its favour against McJunkins.

This incident bears similarities to another case involving Crypto.com, which unfolded in May 2021 with two individuals in Australia. In that situation, the exchange inadvertently transferred nearly $6 million to the couple’s account and only discovered the mistake in December 2021.

Regrettably, the pair mistakenly believed the funds were a trading reward and proceeded to spend a significant portion of the money. Australian authorities have since accused both individuals of theft, and an ongoing investigation is underway.

Crypto.com remains committed to protecting its users’ interests and upholding its platform’s integrity. Such incidents underscore the importance of double-checking transactions and promptly reporting any irregularities. While the company strives to maintain a secure and reliable environment, users must also exercise caution and responsibility in handling funds received in error.

Hence, individuals and businesses in cryptocurrency must familiarize themselves with proper protocols for rectifying accidental transfers. Additionally, industry-wide efforts to enhance transaction monitoring systems and implement safeguards can help mitigate the occurrence of such incidents. By working together, cryptocurrency exchanges and users can contribute to a safer and more transparent ecosystem.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Cryptocurrency exchange Crypto.com battles user over mistaken $50,000 deposit

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月9日 19:47
Next 2023年7月9日 20:50

Related articles

  • From Wall Street Whiz to SBF Expert: Michael Lewis is almost ready with his new book

    TL;DR Breakdown Michael Lewis, the blockbuster author of The Big Short: Inside the Doomsday Machine and Moneyball: The Art of Winning an Unfair Game, is set to release a book on SBF before his trial begins in October. Lewis’s upcoming book about Bankman-Fried is titled, Going Infinite: the Rise and Fall of a New Tycoon. The crypto community await the book to match their expectations or to have them crushed. The award for the biggest crypto villain goes to SBF- Sam Bankman-fried. In the fast-paced and ever-evolving world of cryptocurrencies, one name has been making waves and capturing the attention of both seasoned investors and newcomers alike: SBF.  As an authoritative figure in the industry, SBF has garnered widespread recognition for his groundbreaking achievements and forward-thinking approach. This head of FTX grew to high political recognition in Washington, D.C. and the Senate. However, that did not last. The failure of FTX and Alameda Research put SBF at a bad spot. And now, a book about him is on the way. By whom? Michael Lewis. SBF book is almost ready In…

    Article 2023年5月21日

  • Blockchain Capital’s X account hacked to advertise intriguing fake token claim

    TL;DR Breakdown Blockchain Capital X (Twitter) account was hacked and used to promote a token claim scam. Multiple messages were posted from Blockchain Capital’s account, offering a giveaway of tokens named “BCAP.” Description Scammers appear to have gained control of the X (Twitter) profile belonging to Blockchain Capital, a venture capital company focused on cryptocurrency, aiming to entice individuals with the opportunity to obtain tokens. Multiple messages were posted from Blockchain Capital’s account on August 9, offering a giveaway of tokens named “BCAP.” These posts directed users to … Read more Scammers appear to have gained control of the X (Twitter) profile belonging to Blockchain Capital, a venture capital company focused on cryptocurrency, aiming to entice individuals with the opportunity to obtain tokens. Multiple messages were posted from Blockchain Capital’s account on August 9, offering a giveaway of tokens named “BCAP.” These posts directed users to a counterfeit website designed to mimic the appearance of the actual Blockchain Capital firm’s site. Eventually, Blockchain Capital recovered control of their account and deleted the fraudulent posts. Blockchain Capital phishing attack  Blockchain Capital…

    Article 2023年8月9日

  • 20% of GenZ investors in South Korea have XRP as their most preferred altcoin: Reports

    TL;DR Breakdown GenZ investors in South Korea are displaying a strong inclination towards investing in altcoins, particularly Ripple (XRP), as opposed to the more traditional choices of Bitcoin (BTC) and Ethereum (ETH). The report revealed that a substantial 82.5% of investors in their 20s allocated their funds to altcoins, excluding Ethereum. Description A recent report from a local South Korean news outlet has highlighted an interesting trend among cryptocurrency investors from Generation Z (GenZ) in South Korea. According to News1 Korea, GenZ investors in the country are displaying a strong inclination towards investing in altcoins, particularly Ripple (XRP), as opposed to the more traditional choices of Bitcoin … Read more A recent report from a local South Korean news outlet has highlighted an interesting trend among cryptocurrency investors from Generation Z (GenZ) in South Korea. According to News1 Korea, GenZ investors in the country are displaying a strong inclination towards investing in altcoins, particularly Ripple (XRP), as opposed to the more traditional choices of Bitcoin (BTC) and Ethereum (ETH). The analysis conducted by News1 Korea focused on investment data from…

    Article 2023年8月24日

  • UK inflation could halve soon, seeing an ease in families pressure, Chancellor says

    TL;DR Breakdown Chancellor Jeremy Hunt confidently sees UK inflation halve and believes his strategy to tackle rising UK costs will alleviate household financial strain. The Office for National Statistics has substantially revised UK growth figures upward, indicating a faster recovery from the pandemic than previously thought. Rachel Reeves MP argues that moving from no growth to low growth is not cause for celebration. Description Chancellor Jeremy Hunt has expressed confidence in his strategy to address the rising UK costs and believes that it’s beginning to yield results that will soon ease the financial strain on households. Acknowledging the continued financial challenges many households face across the country, Hunt emphasized the need for persistence with the inflation-curbing plan as the … Read more Chancellor Jeremy Hunt has expressed confidence in his strategy to address the rising UK costs and believes that it’s beginning to yield results that will soon ease the financial strain on households. Acknowledging the continued financial challenges many households face across the country, Hunt emphasized the need for persistence with the inflation-curbing plan as the most effective way…

    Article 2023年9月3日

  • AI expertise is required to stay ahead – Here is why

    TL;DR Breakdown Nvidia Corp.’s CEO Jensen Huang emphasized the importance of AI expertise for businesses and individuals to remain competitive. AI technology is predicted to reshape corporate structures and redefine all jobs, with companies adept at leveraging AI likely to boost their standing. In an era of rapid technological evolution, having a firm grasp on Artificial Intelligence (AI) is becoming more than an asset – it’s turning into a necessity. Experts, such as Nvidia Corp.’s co-founder and CEO Jensen Huang, strongly urge businesses and professionals to embrace AI or face the prospect of being sidelined. The rapid ascension of Nvidia Corp., a titan in the realm of chip design, whose value has hit record highs due to immense demand from AI industries, illustrates the growing centrality of AI in the global business landscape. In a recent speech to graduates at the National Taiwan University, Huang underscored that AI will not only reshape corporate structures but also redefine every job. The AI advantage: It’s survival of the fittest Huang highlighted that companies equipped to utilize AI will enhance their standing, while…

    Article 2023年6月1日
TOP