Crypto

Crypto.com sends user $10M instead of $100

The exchange site employee entered the user’s account number instead of the amount to be returned. Crypto.com has since filed a claim for a refund.

This is a costly mistake. Crypto.com, a cryptocurrency exchange platform with 50 million users, mistakenly transferred AU$10.5 million instead of $100 to one of its users.

Thevamanogari Manivel, a Melbourne woman, requested a $100 refund in May 2021. But a Crypto.com employee accidentally entered this user’s account number (specifically, this number: 10.474.143.00) in the payment amount field. As a result, Thevamanogari Manivel received a much more beautiful amount… Without notifying the cryptocurrency exchange platform about it.

Although the amount is still significant, Crypto.com only discovered this error seven months after the transfer, during an audit at the end of December 2021. This proves, in particular, the importance of the amounts that are transferred to the platforms. .

Blocking the user’s bank account

Since then, Crypto.com has been trying to fix their mistake, but has lost a lot of time.

“When Crypto.com tried to get their money back, $1.35 million had already been spent on a luxury five-bedroom home, with the rest transferred to other accounts,” according to The Daily Mail.

In February, Crypto.com froze the user’s bank account, “but court documents show that $10.1 million had already been transferred to another joint account, and $430,000 was transferred to her daughter Ravina Vijan,” the publication added.

Crypto.com has no intention of letting him go. He sued this user to recover the cost of the house plus 10% per annum. “Judge James Dudley Elliott ordered Ms. Gangadori to pay Crypto.com $1.35 million, $27,369 in interest, and sell the house,” the publication explained.

Crypto.com ‘Most Likely to Win in Court’

But at this stage, with a hearing in the Supreme Court of Victoria in Australia in May, all elements of which have been posted here, the user would not have responded to the motions of Crypto.com’s lawyers. Thus, the case remains to be traced.

Crypto.com “will probably win in court because it is an established company, but this case will serve as a wake-up call for other companies,” says Alexander Tkachenko, head of asset tokenization platform VNX at The Block.

The media cites, in particular, the fact that the BlockFi lending platform “erroneously” sent several million dollars worth of bitcoins to user accounts in May 2021, when the asset was close to $50,000 at that time.

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