Crypto.com made a mistake by transferring several million to a customer’s account. Even worse, the bug went undetected for seven months.
In Melbourne, a woman received a deposit of A$10.5 million from Singaporean cryptocurrency exchange Crypto.com. This payment is said to have been the result of an error in issuing the A$100 refund.
The incident occurred in May 2021 and was disclosed during an annual review in December 2021. Specifically, instead of the expected $100 settlement, an employee wrote an account number into the payment section. Errata at $10,474,143 AUD. This is how Manivel Thivamanogari, a beneficiary, saw a handsome sum appearing in her bank account. Australian news outlet Ticker News was the first to spot the issue.
Unsurprisingly, the stock exchange sued the woman, demanding a refund. After legal action, the Supreme Court of Victoria recently ruled that the money should be returned to the company.
The only problem is, Manivel has already spent A$1.35 million of that pooled money. The latter has been invested in a luxurious five-bedroom mansion in Craigieburn, a suburb of Melbourne. but that is not all. The woman also transferred $10.1 million to another joint account and sent $430,000 to her daughter. Now all he has to do is sell the property and return the remaining money. The case is expected to return to court in October.
Despite the recent news about the cryptocurrency market, Crypto.com is experiencing strong growth. Recently, the exchange has been providing digital asset services to Singaporeans and Italians. Something new, on August 8, it announced the acquisition of two domestic companies from South Korea, marking its entry into the digital asset market in South Korea.