JPMorgan Chase Takes Legal Action Against ‘Infinite Money Glitch’ Scammers
Published on October 29, 2024
- Individuals involved in a widespread ATM fraud scheme are now targeted with legal action by JPMorgan Chase.
- Perpetrators abused a glitch that permitted withdrawing substantial amounts before counterfeit checks were processed.
- Four lawsuits have now been initiated in federal courts in Texas, Florida, and California against defendants who have siphoned thousands of dollars.
JPMorgan Chase is actively pursuing legal action against individuals involved in a widespread ATM fraud scheme. The incident revolves around a technical glitch infamously dubbed the "infinite money glitch," which proliferated across social media platforms such as X and TikTok during the summer months.
The glitch allowed perpetrators to exploit ATMs nationwide by depositing counterfeit checks and withdrawing substantial sums before the checks were processed and inevitably bounced. This exploitation led to significant financial losses for the bank, prompting immediate legal recourse, according to CNBC.
JPMorgan Chase has initiated four lawsuits in federal courts situated in Texas, Florida, and California. These cases aim to address the fraudulent activities that resulted in thousands of dollars being siphoned from the bank.
Among the defendants is Timipah Ikemi of Houston, Texas, who allegedly facilitated a transaction involving a $335,000 counterfeit check. The bank claims Ikemi withdrew many of these ill-gotten gains, resulting in a reported debt of $290,939.47 to Chase.
Additionally, Micah Reed faces litigation in the Central District of California, while two further actions have been filed in Florida, implicating In and Out Appliances LLC and Riskboss Musiq LLC in deceptive transactions amounting to between $80,000 and $141,000 each.
Chase spokesperson Drew Pusateri emphasized the broader impact of such fraudulent activities, stating, "Fraud is a crime that impacts everyone and undermines trust in the banking system." The bank's resolve to pursue these cases vigorously signals a clear message of zero tolerance for fraud.
JPMorgan Chase's legal proceedings against the alleged scammers will be closely monitored by industry experts and other financial entities, serving as a benchmark for managing large-scale cyber fraud incidents.
