Crypto.com
According to 7News, two women from Melbourne, Manivel Thevamanogari and her sister, Gangadory Thevamanogari, were given AUD$10.5 million deposit from Singapore cryptocurrency exchange Crypto.com after the Singapore exchange made a mistake in refunding AUD$100. The employee allegedly entered an account number in the payment box instead of the refund amount, resulting in an incorrect transfer to his bank account. According to court filings, the recipient used some of the money to buy a luxury property shortly after receiving it.
The incident happened in May 2021 but was not recorded until the annual audit in December 2021. The Supreme Court of Victoria ruled that the money must be returned to the company after a lawsuit was filed. However, Manivel has already spent AUD$1.35 million of the proceeds on a luxury five-bedroom property in Craigieburn. She was ordered to sell the property, return the remaining cash or face contempt charges. The matter will be heard again in October.
“There’s no doubt that if you saw it on your bill, you’d know it wasn’t supposed to be there,” Justin Lawrence of Henderson and Ball Lawyers said of the case. “It’s really up to you to call the sender and say, hey, that shouldn’t have gone to my account.
Unlike crypto transactions that are final and irreversible, erroneous transactions may be reversed by centralized financial institutions. However, due to the time it took to discover the error and the fact that the money from Crypto.com was moved from the original account after it was received, it would be difficult to reverse the transaction in this case.
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