Crypto.com has recently filed legal documents, dated July 7, in an attempt to recover from a $50,000 erroneous transaction and more than $26,000 in additional funds generated as a result.
The case revolves around an incident involving Georgia resident James Deutero McJunkins Jr., a Crypto.com user who allegedly received an erroneous $50,000 deposit into his Crypto.com account on June 24, 2022.
McJunkins transferred these funds to a bank account on the day of the deposit. Crypto.com asked McJunkins to return the funds multiple times, and after he failed to do so, started arbitration proceedings. The firm filed claims, including breach of contract, civil theft under Fla. Stat. § 772.11, unjust enrichment and conversion.
Crypto.com received an arbitration award at the end of the process. This result required McJunkins to pay $76,391.46 to Crypto.com within 30 days of the award being issued. However, McJunkins failed to comply with this obligation, prompting the company to seek confirmation from the court through its latest legal filing.
The filing notes that the arbitration award could be set aside or modified in the event of fraud, bias, misconduct, abuse of power, miscalculation, or other issues in the arbitration process. However, Crypto.com said these factors are not at play, noting that McJunkins did not respond to or dispute his arbitration award.
The $76,391.46 awarded is a total sum of $50,000 in actual damages, $1,786.11 in statutory interest, $21,205.35 in attorneys’ fees, and $3,400 in arbitration costs.
Crypto.com Addressed Another Big Bug in 2022
Crypto.com addressed another erroneous transaction less than a year ago in late 2022. The cryptocurrency company paid more than $10 million to a user instead of the roughly $100 they actually owed. Affected users were also accused of theft and forced to return most of those funds.
These cases serve as a reminder that accepting large incorrect transactions can have legal repercussions, even if those transactions involve cryptography.
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