Crypto.com Accidentally Sends User $10.5M but Is Now Suing- Details

Estimated read time 2 min read
  • crypto.com unit is fighting to recoup 10.7m  that was accidentally transferred to Manivels account 
  • would you really refund 10 million if it mistakingly landed into your account? Tough decision huh!!!

An Australian woman is being sued by cryptocurrency exchange Crypto.com after she failed to return $10 million that was mistakenly deposited into her account.

The money was supposed to be a refund for a $100 purchase made by Thevamanogari Manivel in May 2021. However, an employee at Crypto.com accidentally transferred the full amount to Manivel’s account.

Manivel was aware of the mistake, but she did not return the money. Instead, she used it to buy a luxury house and other assets.

Crypto.com eventually discovered the mistake and tried to get the money back. However, Manivel refused to cooperate.

The company then filed a lawsuit against Manivel and her sister, Thilagavathy Gangadory, who is the registered owner of the luxury house.

In May 2022, a judge in the Victorian Supreme Court ordered Manivel and Gangadory to return the $10 million, plus interest and legal fees. The judge also ordered that the luxury house be sold to pay off the debt.

Manivel and Gangadory have not yet responded to the court order. They are believed to be on the run.

The case has raised questions about the responsibility of banks and other financial institutions to ensure that money is not mistakenly deposited into the wrong account. It has also highlighted the risks of cryptocurrency exchanges, which are not regulated in the same way as traditional banks.

In a statement, Crypto.com said that it is “committed to protecting our customers and their funds.” The company said that it is “taking legal action against those who have tried to take advantage of our platform.”

The case is still ongoing, and it is not yet clear how much money Manivel and Gangadory will ultimately be ordered to repay. However, the case is a reminder of the importance of being vigilant when it comes to financial transactions.

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