In the ecosystem of digital currencies, we often talk about mistakes made by users that cause them to lose funds. However, it also happens that exchanges make mistakes that cost them extremely dearly. This is the case of Crypto.com which accidentally lost millions in 2021.
Crypto.com transfers $7.2 million to pay back less than $70!
In mid-2021, a Crypto.com user requested that the exchange refund him less than $70. But, the platform accidentally sent $7.2 million. Crypto.com attempted to recover the funds, but it was too late. Indeed, the user used part of the money to afford a house. The court has been seized and the user will now have to return the funds.
Those concerned by this case: the sisters Manivel Thevamanogari and Gangadory Thevamanogari living in Melbourne, Australia. One of them asked to be reimbursed 100 Australian dollars, or 68 US dollars. But, the Crypto.com exchange inadvertently sent 10.5 million Australian dollars, or 7.2 million US dollars.
This situation would result from an error committed by an employee of the exchange. The latter indeed indicated an account number in the section where he had to enter the amount (100 Australian dollars) to be reimbursed. Note that the transfer error was only noticed in December 2021 after an audit.
The lucky recipient of the funds confessed to being pleasantly surprised at the time. She said she believed the money was hers, having found that she received no notification from Crypto.com. It was then that she transferred the funds to a joint account that she managed with her sister.
Of the A$10.5 million accidentally transferred to a Crypto.com user, A$1.35 million was spent on real estate. The proceeds were used to purchase a luxurious five-bedroom house in the town of Craigieburn.
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