• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
Crypto.com

Arbiter Wants Man To Pay Over $76,000 Because Of A Crypto.Com Mistake

Dalmas Ngetich
by Dalmas Ngetich
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto.com, a cryptocurrency exchange based in Singapore, won an arbitration against a client who received a mistaken deposit of $50,000 but refused to return it, recent court filings reveal. 

Crypto.com Wins?

It is reported that the defendant, James Deutero McJunkins Jr. from Georgia, the United States, transferred the funds to an external bank account after receiving the deposit on June 24, 2022. 

Despite multiple attempts by the exchange to retrieve the funds, McJunkins refused to comply, forcing Crypto.com to initiate an arbitration case to recover funds.

In April 2023, Crypto.com won a case against McJunkins in arbitration, and the defendant will have to not only refund the initial $50,000 but also pay over $26,000 in legal fees. However, McJunkins has yet to follow the ruling, so a judge has been assigned to enforce it as initially directed.

Related Reading: MicroStrategy’s Chief Revenue Officer Steps Down From Role

Still, observers blame the cryptocurrency exchange, saying they are responsible for ensuring funds are sent to the correct accounts or addresses. While there is a moral aspect as to why the recipient failed to refund funds, supporters claim it is not a moral obligation for him to reimburse.

Their position seems valid because, by law, arbitrators cannot compel individuals to pay the winning party, and further legal action may be necessary to enforce the decision. Therefore, the exchange has taken the matter before a United States Southern District Court of Florida to “enter a final judgment in its favor.”

The $6.6 Million Error

Crypto.com has been in error before. In May 2022, Crypto.com mistakenly refunded a client $6.6 million instead of $66 when she requested. 

The exchange only realized the mistake seven months later during an end-of-year audit. By then, the client had already used the money to purchase a multi-million dollar property in Melbourne’s Craigieburn suburb. The exchange took legal action to recover the funds owed, and the judge allowed them to sell the prime property.

Related Reading: DeFi On Cosmos Gets A Boost As Tether Launches USDT On Kava

Crypto.com is one of the largest cryptocurrency exchanges by liquidity and client count. Their errors, nonetheless, highlight the space’s nascency and how mistakes can be costly. In the two events where the exchange wrongly sent over $6.65 million to the wrong account, they were spared permanent loss.

In the current case, the defendant received funds in fiat, which can be reversed. In any other event, should funds have been deposited in cryptocurrencies, Crypto.com might have had a hard time considering the irreversible nature of crypto transactions and possibly backlash from the community.

Bitcoin price on July 7| Source: BTCUSDT on Binance, TradingView
Bitcoin price on July 7| Source: BTCUSDT on Binance, TradingView

In late June, Crypto.com received a Virtual Asset Service Provider (VASP) license from the Bank of Spain and can roll out services in the country. Like most European Union (EU) countries, Spain will comply with Markets in Crypto-Assets (MiCA), approved by the EU parliament in April and set to become law in 2024.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Dalmas Ngetich

Dalmas Ngetich

Follow

Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

Full Profile

Related Posts

Best Cryptos to Buy as ChatGPT Predicts $400 Solana By Year's End

Best Cryptos to Buy as ChatGPT Predicts $400 Solana By Year’s End

20 minutes ago
crypto news

Global Crypto Adoption 2025: Chainalysis Reveals Which Countries Are Winning

1 hour ago
Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (September 4)

Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (September 4)

41 minutes ago
Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 4)

Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 4)

41 minutes ago
crypto

Crypto Adoption 2025: India, US, And Pakistan Secure Top 3 Spots In Global Index

8 hours ago
bitcoin

US Bancorp Resumes Bitcoin Custody Services After Three-Year Pause – Details

9 hours ago

Premium Sponsors

Press Releases

  • mining

    6 Most Reliable Crypto Mining Software to Help Miners...

    42 minutes ago
  • MemeCore...

    7 hours ago
  • XRP is expected to break through $7. APT Miner helps...

    14 hours ago
  • miner

    Expectations of a Federal Reserve rate cut and demand for...

    17 hours ago
  • miner

    BlackRock suspends XRP listing, price faces resistance...

    18 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.