Cryptocurrency exchange mistakenly transferred 10.5 million USD to users

 Instead of paying $ 100, the Crypto.com exchange transferred $ 10.5 million to a woman in Australia, but only 7 months later found out.


ay 2021, when performing a 100 USD refund transaction for a female customer named Thevamanogari Manivel, an employee of the exchange accidentally entered the customer's account number into the payment activity.

It was not until December 2021 when the audit was performed that the exchange discovered the error. The amount transferred to Manivel's account amounted to 10.5 million USD. Then Cryoto.com filed a lawsuit in court, asking the female customer to refund the full amount, 10% interest and the entire cost of the lawsuit.

Crypto.com exchange took 7 months to discover its mistake. Photo: Coin Telegraph
Crypto.com exchange took 7 months to discover its mistake. Photo: Coin Telegraph

According to CNBC, while cryptocurrency transactions are non-refundable, platforms can reverse the situation if fraud or errors are discovered.

After receiving the deposit, Manivel began transferring $430,000 to her daughter, according to court documents. She then bought a $1.35 million home in Craigieburn, a suburb of Melbourne. Manivel has now transferred ownership of the house to his sister, who lives in Malaysia.

After reviewing the lawsuit, the court froze Thevamanogari Manivel's accounts, ordering her to sell the house to refund the cryptocurrency exchange. According to Crypto.com calculations, the amount Manivel needs to return to the exchange is up to $27 million.

The case will be reopened in October to review the claims, compensability and related issues. Neither Crypto.com nor Manivel commented on the matter.

According to The Verge, the lawsuit occurred in the context of this same cryptocurrency exchange that is facing many difficulties. In June, Crypto.com laid off 260 employees, or 5% of its staff. The platform was founded in 2016, has served more than 10 million customers and has more than 4,000 employees around the world.
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