Crypto.com Mistakenly Sent User $50,000 Now Wants $76,000 Back

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Crypto.com scored a victory Thursday in its arbitration claim against a user who mistakenly received $50,000 from the company and refused to return it.

Georgia resident James Deutero McJunkins Jr. opened an account with the Singapore-based crypto exchange in May 2020. Two years later, on June 24, 2022, Crypto.com mistakenly deposited $50,000 into his account.

According to a filing in court for the Southern District of Florida, McJunkins transferred that money to an outside bank account the same day.

When Crypto.com’s numerous calls for McJunkins to return the money went unanswered, the company dropped its demands and hired a lawyer.

In April, the arbitrator sided with Crypto.com, saying the respondent should not only return the $50,000, but also pay the plaintiffs’ legal costs.

The total amount the arbitrator told McJunkins to pay is $76,391.46, although he again declined to do so. In fact, he did not respond to or dispute the claim against him at all, according to the filing.

A judge was assigned to the case on Friday because arbitrators do not have the power to force people to pay the winning side, according to the American Arbitration Association.

This isn’t the first time Crypto.com has made a pretty big accounting mistake. In August 2022, the exchange accidentally reimbursed an Australian woman A$10 million ($6.6 million) instead of the AUD 100 she owed him. Crypto.com reportedly only noticed the error seven months later during a year-end audit.

Before Crypto.com could follow the proper legal process and get her money back, the woman allegedly used the money to buy a luxurious, multimillion-dollar mansion with perks like a home theater and gym.

In October 2022, the woman in question was arrested after being charged with theft. She was later released on bail pending trial, according to the Guardian.

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