Crypto.com Intends to Sue Woman After Accidentally Sending Her $7.1m

Twitter icon  •  Published 1 год назад  •  Nikolas Sargeant

The Matt Damon-endorsed cryptocurrency exchange Crypto.com will seek to bring an Australian Woman to court over a miscalculated refund

The Matt Damon-endorsed cryptocurrency exchange Crypto.com will seek to bring an Australian Woman to court over a miscalculated refund. The woman is said to have spent the money that was accidentally paid to her, given that the payment was made over seven months ago. 

What Happened?

Massive oversight by the exchange and one which may cost them millions; is not what any crypto firm wants, given the current state of the market. Crypto.com is the 18th largest exchange by 24-hour trading volume in the world, just one place behind 17th-placed exchange OKX, and has been heavily focused on developing its range of trading products in 2022. 

The company only recently realized that it sent AU$10.5 million dollars (around USD7.1 million) to a woman in Australia, rather than a mere AU$100 dollars as she has requested to be refunded. 

The women involved in the case are Melbourne-based sisters Thevamanogari Manivel and Thilagavathy Gangadory, who are said to have spent millions on a luxury home. The company hopes that it will be able to sue for the sum of the funds spent, as well as 10% interest and legal fees. 

The mistake was confirmed in court documents, which reveal that in May 2021, an employee of Crypto.com mistakenly entered an account number in the payment amount field. The Singapore-based crypto firm became aware that it had sent funds in December 2021 when conducting a routine financial audit.

Can Crypto.com Retrieve The Funds?

The windfall funds have been spent on a property worth AU$1.35 million. However, the rest of the money may still be held in an account. Blockchain architecture means that transactions are generally irreversible, but centralized platforms like Crypto.com can theoretically reverse payments in cases of fraud or error.

Unfortunately for the Crypto.com retrieving the funds may be pretty tricky. Part of the reason is that the funds were not claimed until seven months after the event. The company did manage to freeze Manivel’s bank account in February, but the defendant had moved the funds to other accounts. 

The good news for the crypto firm is that the judge has ruled in its favor, with the case to return to court in October. Crypto.com will be hoping for more good news next month, as they have suffered a lot during the persisting bear market, laying off 5% of its workforce due to cuts, and need to have a $700 million multi-year naming rights deal with the Staples Center in Los Angeles.

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.