Earlier this year, a viral social media trend became famously known as the “infinite money glitch”.
Chase ATM’s had a glitch that allowed customers to deposit fake cheques and withdraw cash before it bounced.
The trend took off on TikTok with many mistakenly and recklessly believing they unlocked a door to limitless funds.
The infinite money glitch was, of course, just that. And a costly one at that on both the abuser’s and the victim’s side of the spectrum.
On Oct. 29th, JP Morgan Chase filed at least four separate federal lawsuits against customers who took advantage of this technical error.
Each lawsuit is based on how the defendants violated their deposit agreements. Furthermore, JP Morgan chase demands accountability and the return of the fraudulently collected cash in addition to other costs.
The cost of the infinite money glitch
A Chase customer in Houston allegedly withdrew $290,939.47 from a $335,000 cheque that a masked individual deposited into his account at the end of August.
Also, another individual and two businesses are in court for the same crime that, in combination with the stolen amount just mentioned, totals $661,000 due to the infinite money glitch.
The cheque bounced on Sept. 4th. Meanwhile, thousands of other cases are being investigated.
“Fraud is a crime that impacts everyone and undermines trust in the banking system,” -Drew Pusateri, JPMorgan spokesman.
J.P. Morgan Chase has not revealed the total amount of cash stolen through the “infinite money” glitch.
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