Based on recent reports, a Mildura man has disappeared after allegedly pocketing around $500,000 when a cryptocurrency trading platform accidentally credited his account with 10 times his actual deposit amount.
Cryptocurrency exchange OTCPro applied to freeze the man’s assets after he failed to return the erroneously deposited funds. OTCPro had intended to credit the man’s account with a $99,500 deposit but mistakenly added an extra zero, crediting him with $995,000 instead.
Before OTCPro detected the error 10 days later, the man had withdrawn around $956,000. The trading platform claimed a $491,000 loss.
The man used the funds to purchase Tether, allowing him to withdraw a maximum daily amount of $100,000. When contacted, he did not respond to requests to return the money.
The case offers rare insight into cryptocurrency trading as such disputes don’t usually enter the courtroom. However, the man remains at large, raising questions about whether he still holds assets in Australia.
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