The Time CryptoCom Accidentally Sent $10.5 Million to a Woman Instead of $100
CryptoCom realized its bungle more than seven months later.
To become rich is everyone’s dream but to be rich by chance is not everyone’s fate. However, this isn’t a lottery-winning story that sounds crazier than fiction or an inventor who made a fortune from an accidental invention. This is a story about how CryptoCom accidentally transferred a whopping $10.5 million to a woman in Melbourne Australia when she was seeking a $100 refund.
However, it wasn’t until a company audit just before Christmas 2021, that CryptoCom realized the error. But it was too late.
CryptoCom’s Million Dollar Bungle
The amount was transferred to one Thevamanogari Manivel back in May 2021, when the prominent crypto exchange was attempting to process a refund of just $100. However, someone erroneously entered an account number in the payment section instead. As per the court document, the large sum was accidentally transferred in May 2021 and was discovered seven months later.
But a portion of the money was already gone. Manivel transferred the $10.1 million into a joint account. In February this year, the funds were then taken out of two accounts to purchase a lavish $1.35 million five-bedroom home in Craigieburn as a gift for her sister.
What ensued was a legal battle that favored CryptoCom after the Victoria’ Supreme Court judge ordered the luxury home to be sold and the remaining money to be returned to the company. Should the homeowner fail to put the property on the market, the judge would appoint a receiver to arrange the sale. They could also face contempt of court if they ignore the orders. The case is set to return to court in October.
Justin Lawrence from Henderson and Ball Lawyers was quoted saying,
“There’s no doubt that if you saw that in your account you would know it shouldn’t be there, and the onus is actually on you to actually call the sender and to say look that shouldn’t have come into my account.”
BlockFi’s Expensive Gaffe
CryptoCom isn’t the only crypto company to have mistakenly sent millions of dollars worth of funds to its user. BlockFi also landed in a similar situation after mistakenly depositing millions of dollars worth of Bitcoin to a few user accounts.
It all started when the CeFi crypto lender ran a trading promo in March last year, wherein eligible users would receive a bonus on the crypto they traded during the same period. The terms also said that the users would receive their bonuses by May-end, however, due to a payment error, a small number of user accounts of them pocketed much bigger bonuses than expected.
