Crypto.com seeks to recover $76K related to transaction error

2023-7-8 01:20

Crypto.com has recently submitted legal documents, dated July 7, in a bid to recover from an erroneous $50,000 transaction and over $26,000 in additional funds generated as a consequence

The case revolves around an incident involving Georgia resident James Deutero McJunkins Jr., a Crypto.com user who allegedly received an erroneous deposit of $50,000 in 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 several times, and after he failed to do so, initiated an arbitration process. The firm lodged 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 meet 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 vacated or modified in case of fraud, partiality, misconduct, abuse of power, miscalculation, or other issues in the arbitration process. However, Crypto.com said that these factors are not at play and notes that McJunkins did not respond to or dispute its arbitration award.

The awarded $76,391.46 is a sum total 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 large error in 2022

Crypto.com addressed another erroneous transaction less than one year ago in late 2022. The crypto company paid more than $10 million to a user instead of the approximately $100 that it actually owed. The affected users were similarly charged with theft and have been compelled to return most of those funds.

These cases serve as a reminder that acceptance of large incorrect transactions can have legal repercussions, even if those transactions involve crypto.

The post Crypto.com seeks to recover $76K related to transaction error appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0.0095806 (+7.58%)
Объем 24H $0
Изменеия 24h: 2.35 %, 7d: -7.78 %
Cегодня L: $0.0086651 - H: $0.0095806
Капитализация $183.154k Rank 1690
Доступно / Всего 19.117m EMD / 32m EMD

crypto transaction recover consequence generated case funds

Источник: cryptoslate.com

crypto transaction → Результатов: 126


As Twitter Plans to Purge Inactive Crypto Accounts, Community Pushes for Memorialization of One Bitcoin User

Hal Finney received the first Bitcoin in a transaction from Satoshi Nakamoto himself. Jack Dorsey, who is in charge of Twitter, is a massive fan of Bitcoin. Twitter is a massive social media platform, allowing millions of users to sign up for accounts to post to their friends, family, and other followers. Recently, the platform announced […]

2019-11-28 01:11


IOTA and Hyperledger Bind Together With New Bridge System

Hyperledger will indirectly support IOTA payments. IOTA has announced IOTA Connector, a bridge system that can be used to mirror data and trigger actions between IOTA and Hyperledger Fabric. The new system will allow businesses that rely on Hyperledger to make use of IOTA’s various features, including feeless payments, encrypted transaction payloads, and Masked Authenticated […] The post IOTA and Hyperledger Bind Together With New Bridge System appeared first on Crypto Briefing.

2019-11-27 10:36


CertiK Crypto Security Project Set to Launch Beta for Smart Contracts Certik Chain

The organization developing blockchain security infrastructure CertiK Foundation is preparing to launch its beta CertiK Chain. CertiK Foundation wants to launch next week the Testnet 3.0 for CertiK Chain, which will make it possible for smart contracts to check the other contracts’ security audits before making a transaction. The CertiK Virtual Machine (CVM) is fully […]

2019-11-22 20:58


XRP On-Chain Trends Recording Strong Growth as Ripple’s XRPL Numbers on the Rise

XRP price might not be making any moves — currently trading below $0.30 — despite the Swell event just around the corner but its on-chain metrics are going strong. In a Twitter Thread, Coin Metrics, a crypto asset market data, and research firm shared these developments starting with a significant uptick in the transaction count […]

2019-11-3 18:10


Blockchain and Cryptocurrencies: A Godsend for the Online Gambling Industry

Cryptocurrency usage is extensive in the online gambling segment, making it the driving force behind the adoption of cryptos. People have started to prefer crypto gambling and sportsbook options over conventional offerings due to its various underlying benefits, attractive discounts in the form of deposit bonuses, bonus codes, etc.

2019-10-31 12:49


Gambling and DeFi keep dapps afloat as transaction volume drops; Ethereum, EOS and Tron leading

The transaction volume of dapps built on 6 main blockchains went down 40 percent in Q3 2019, while just 148 new dapps launched in the whole quarter. According to the report from Dapp Market, crypto gambling apps and DeFi accounted for the majority of the transaction volume, leaving many to wonder whether dapps have had […] The post Gambling and DeFi keep dapps afloat as transaction volume drops; Ethereum, EOS and Tron leading appeared first on CryptoSlate.

2019-10-10 15:12


IBM Blockchain Platform enhances GMEX crypto transaction infrastructure

IBM Blockchain Platform enhances GMEX crypto transaction infrastructure - CryptoNinjas GMEX Technologies Ltd., a wholly-owned subsidiary of GMEX Group providing multi-asset post-trade business and technology solutions, today announced the latest release of its GMEX Fusion Digital Capital Markets technology suite (GMEX Fusion), built on IBM Blockchain Platform, this technical advancement empowers institutional investors with a hybrid solution supporting multiple digital assets, including cryptocurrencies, security tokens, […] IBM Blockchain Platform enhances GMEX crypto transaction infrastructure - CryptoNinjas

2019-9-20 19:23


Ethereum Is Overtaking Bitcoin In Daily Transaction Fees; Is USDt’s Omni to ERC20 Switch The Cause?

Ethereum is inches away from overtaking BTC in daily transaction fees — in comparison to BTC’s $185,993 on Sept. 15, ETH had $182,899 daily transaction fees. However, it won’t be the first time. Transaction fees represent real network demand and usage but some argue high fees could be detrimental to a crypto network. However, in […]

2019-9-17 16:05


Фото:

Will Bitcoin Become Less Volatile With Greater Adoption?

One of the major problems of Bitcoin’s use case as a means of payments is its high volatility. It still persists despite the increasing market capitalization. Can the largest crypto smooth its wild fluctuations with time?   Volatility Hinders BTC’s Adoption as Payment Method Merchants that adopted payment systems accepting Bitcoin are encountering several issues due to the crypto’s high volatility, slow block validation (transaction confirmation), scalability, and relatively high fees for small payments.

2019-9-10 19:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin market absorbs 1 million BTC in 5 months

Quick Take While Bitcoin currently trades approximately 20% below its all-time high, the more compelling narrative unfolds within the dynamic flow of coins between short-term holders (STHs) and long-term holders (LTHs) LTHs, holding Bitcoin for over 155 days, typically accumulate during bear markets and distribute during bulls.