An Australian cryptocurrency exchange, OTCPro, experienced a significant error when user Kou Seng Chai mistakenly received $653,000 in his account, instead of the intended $65,300, and subsequently withdrew a large portion of the funds before vanishing. ABC News reported this incident, citing court documents.

The error occurred in January due to an internal glitch that incorrectly converted 99,500 AUD to 995,000 AUD in Chai's account. Upon discovering the mistake on January 4, OTCPro's management promptly emailed Chai to request the return of the funds, but received no response.

Court documents reveal that Chai quickly exchanged the mistakenly deposited assets for USDT and withdrew around $626,700 from OTCPro in $100,000 increments, adhering to the platform's maximum daily withdrawal limit.

Rhino Trading, the parent company of OTCPro, encountered further complications when attempts to contact Chai through the phone number associated with his account were unsuccessful, and Chai also did not show up for his court appearance.

In response to these events, the Supreme Court of Victoria implemented a freeze on Chai's bank accounts and issued a travel ban on February 21. The financial damage incurred by the firm was estimated at $322,700.

During the legal proceedings, Judge Michael Osborne expressed concerns over the "real risk" of the misappropriated assets being liquidated. The investigation also brought to light that Chai had submitted forged bank statements for verification purposes on the exchange.