Editing by Nath Cajuday
An Australian woman became an instant millionaire after cryptocurrency exchange Crypto.com accidentally transferred 10.5 million AUD (7.2 million USD or more than ₱407 billion) instead of issuing a standard refund of 100 AUD (68 USD).
According to a report, the mistake was due to a typo error, and the exchange did not even notice the error until seven months later.
The instant millionaire was identified as Thevamanogari Manivel, who received the incorrect refund last December 2021. However, instead of reporting it to Crypto.com, she reportedly transferred the cash to a joint account.
Then, after two months, Manivel spent 1.3 million AUD (890,526 USD) on a four-bedroom home in Craigieburn in Melbourne’s north; the ownership of the property was then transferred into the name of Manivel’s sister, Thilagavathy Gangadory, who lives in Malaysia.
The error was noticed when an audit was performed for the records in December 2021.
Currently, the crypto firm is fighting to get the money back through a lawsuit filed in the Victoria Supreme Court. Finally, after the unsuccessful attempts to serve the freezing orders, Crypto.com successfully put a freeze on Manivel’s account and the court has also ordered her to sell the home and return the money—with interest in the amount of $27,369.64 and costs–to the exchange.
Manivel’s account was also successfully frozen after the unsuccessful attempts of Crypto.com to serve the freezing order. The court also ordered her to sell the purchased home and return the money, with interest, in the amount of 27,369.64 USD and costs to the exchange.
The hearing for the case will resume in court this October. As of writing, Crypto.com refused to comment on the situation, according to online news site The Verge.
Last May, the crypto exchange revived its staking rewards a day after it announced severe reductions to Cronos (CRO) staking rewards for most tiers of its VISA prepaid card due to the vocal dislike of its users on various social media platforms regarding Crypto.com’s decision that rewards would no longer be offered to cardholders after the completion of the current 180-day period. (Read more: What is Crypto.com? Firm Restarts Staking Rewards After Community Uproar)
Also, due to the ongoing crypto winter, the exchange was one of cryptocurrency entities that decided to let go of employees. According to a Twitter thread from its CEO, Kris Marszalek, the firm laid off around 260 workers, or around 5 percent of its workforce.
On Christmas day last year, after 22 years of operation the exchange replaced that name of Staples Center, the downtown Los Angeles home of the NBA’s Lakers and Clippers. The deal was brokered by sports and live entertainment giant AEG Global Partnerships, which owns and operates the arena. (Read more: Staples Center Will Rename to Crypto.com Arena This Christmas)
This article is published on BitPinas: Crypto.com Accidentally Transferred $10.5M to an Australian Woman
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