Crypto.com recently filed legal documents on July 7 in an attempt to reclaim erroneous funds of $50,000, as well as an additional $26,000 which were a result of the mistake. The incident in question happened June 24, 2022 and concerned James Deutero McJunkins Jr, a user of Crypto.com based in Georgia.
McJunkins received an unexpected sum of $50,000 in his Crypto.com account on that day, and was requested several times to return the funds, only to be met with refusals. Subsequently, Crypto.com began an arbitration process in which damages of $76,391.46 were awarded. This took into account $50,000 in monetary implications as well as $1,786.11 of statutory interest, $21,205.35 in attorney’s fees, and $3,400 in arbitration charges.
Despite these rulings, Crypto.com’s plea to McJunkins Jr. was ultimately disregarded – which propelled them enough to file a confirmation and resolution to the lead to court. The documents mention that if fraud, partiality, or improper exercise of power played a role in the award, then the summation can be compromised. Though no concern over a unlawful process has been cited.
Crypto.com solved a similar case last year when it overpaid an individual with a difference of $10 million compared to the as that was disclosed. Understandably, the court mandated that most of those funds should be returned.
These instances act as a candid marker that taking irresponsible or large financial acceptances can bring joyous ventures, regardless if it is involving digital currency.
