Crypto.com transferred $10.5 million to its user by mistake
An apparent error on the part of major crypto platform Crypto.com turned an attempt to process a $100 refund into a large wire transfer of $10.5 million to a bank account belonging to a Melbourne resident. Tevamanogari Manivel, who owns the bank account, and her sister Tilagawati Gangadori went on a massive spending spree after the former received improper funds in May 2021, according to local broadcaster 7News. Before the company discovered its mistake during an audit in December of that year, most of the funds had already been spent.
In February 2022, funds were withdrawn from two accounts to buy a property worth about $1.35 million in Craigyburn, a Melbourne suburb. The five-bedroom home is believed to have been intended for Gangadori.
Crypto.com has reportedly succeeded in its legal battle against the two sisters, with a ruling from the Supreme Court of Victoria ordering that the house be sold and the money be returned to the cryptocurrency exchange. The case is due back in court this October.