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Chris Moneymaker To Sue PayPal

Chris Moneymaker, one of the most well-known poker players in the world is now suing the online payment processing giant PayPal. As per a press release issued, Eric Bensamochan, Moneymaker’s attorney said that due to a breach of contract, unjust enrichment and bad faith from PayPal they will be suing the company. According to reports, PayPal had confiscated more than $12,000 from the poker player’s account.

The issue began when Moneymaker and 11 of his friends participated in a fantasy football league last year. Each of them had transferred $1,000 as an entry fee to Moneymaker via PayPal for safekeeping. The $12,000 remained in the Poker Hall of Famer’s account which he would then give to the winner at the end of the football season.

‘Escrowing’ is a common practice in the poker world and is most often seen when players participate in prop bets. Here a third party holds on to the prize money til the bet it over and in the Moneymaker’s case he was acting as the group’s treasurer. This was a simpler way of organizing the prize distribution.

ALSO READ: Chris Moneymaker: From Accountant to Poker Millionaire!

“In November 2020, PayPal emailed Moneymaker that his account had been ‘limited’ due to a violation of its User Agreement—a 62-page document that refers to a separate Acceptable Use Policy,” said Bensamochan.

Just a couple of weeks ago, Moneymaker took to Twitter and stated that PayPal froze his account in November 2020 and emailed him that he would be able to access his money in 180 days time. However, this was not the case as a screenshot posted by Moneymaker shows that PayPal confiscated his money. An exact sum of $12,228.55 was transferred from his account to PayPal.

So @PayPal @AskPayPal froze my account last year and said i could access my money in 180 days. Well they straight up stole the money!!!! Money out of my account pic.twitter.com/fnQtkPw7s9

— Chris Moneymaker (@CMONEYMAKER) May 18, 2021

According to Moneymaker, the situation could have been approached in a more reasonable way. PayPal could have simply sent the money back to the fantasy football participants. “Somebody has to stand up to these guys. I’m going to continue to use my status and my social media channels to expose these immoral and illegal practices and ask others to join my lawsuit against PayPal,” said Moneymaker.

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