Crypto.com produced legal filings dated July 7 in an effort to recover from a $50,000 transaction that was made in error and the extra $26,000 in additional monies that resulted.
James Deutero McJunkins Jr., a native of Georgia and a user of Crypto.com, is at the center of the case. On June 24, 2022, it is claimed that $50,000 was mistakenly deposited into his account.
On the day of the deposit, McJunkins deposited these money to a bank account. McJunkins was repeatedly asked by Crypto.com to repay the money; when he refused, the company started an arbitration process.
The company filed claims for conversion, unjust enrichment, civil theft under Florida Statute 772.11, and breach of contract. After the procedure, Crypto.com was given an arbitration award.
As a result, McJunkins was obligated to pay Crypto.com $76,391.46 within 30 days of the award’s issuance. However, McJunkins did not fulfill this duty, which prompted the business to request confirmation from the court in its most recent legal filing.
According to the petition, the arbitral decision can be vacated or changed if there were any instances of fraud, partiality, misconduct, abuse of authority, error of judgment, or other problems throughout the arbitration process.
Crypto.com noted that McJunkins did not reply to or contest its arbitration ruling and asserted that none of these circumstances are relevant. A total of $50,000 in actual damages, $1,786.11 in statutory interest, $21,205.35 in legal costs, and $3,400 in arbitration fees make up the $76,391.46 award.
In late 2022, less than a year ago, Crypto.com rectified another incorrect transaction. The crypto firm didn’t pay the user what it owed them—about $100—but rather over $10 million. The impacted users, who were also accused of stealing, have been ordered to refund most of those funds.
These incidents serve as a reminder that, even when crypto is involved, accepting huge wrong transactions can result in legal consequences.
