Cryptocurrency exchange Crypto.com has filed a motion in a Florida court to enforce an arbitration decision regarding the mistaken transfer of $50,000 to a user's account.
Last June, Crypto.com mistakenly deposited $50,000 into the deposit account of James Daytero McJunkins, who immediately transferred the funds to an outside bank account. McJunkins did not respond to all of the exchange's requests to return the funds.
In response to these actions by McJunkins, Crypto.com went to arbitration to recover its funds, according to Crypto Intelligence. In April, the arbitration panel ruled in favor of the cryptocurrency exchange. Thus, McJunkins requested to return a total of $76,391.46.
The amount includes the erroneous transfer, fees, attorneys' fees, and arbitration costs.
However, the arbitration award has no legal authority to demand payment from McJunkins, so Crypto.com has appealed to the Federal Court.
The exchange is seeking to have the court uphold the arbitrator's decision and force McJunkins to return the funds and costs.
We previously wrote that Crypto.com is opening a Global Innovation Lab in Singapore.
