Unexpected Fortune: The $10.5M Crypto.com Transfer Error
In a twist of electronic fate, Thevamanogari Manivel and her partner Jatinder Singh from Melbourne found themselves 10.5 million Australian dollars richer in May 2021. However, this windfall was the result of a mishap by the Crypto.com platform.
A Mistaken Transfer
Manivel had initiated a mere 100 AU$ transfer to Singh’s Crypto.com account. An error by the exchange in recognizing the bank account led to a refund – but one that was excessively generous. Instead of the 100 AU$, the couple received 10.5 million AU$.
The Spending Spree
It wasn’t until December 2021 that the error came to light during Crypto.com’s annual audit. By that time, the couple had allegedly made significant purchases including four houses, vehicles, and even moved a substantial sum to a Malaysian bank account.
Court Proceedings and Verdicts
Crypto.com’s legal pursuit culminated in Victoria Supreme Court. The court’s decree was clear – return the mistakenly sent funds. Notably, one of their acquisitions, a luxurious five-bedroom property in Craigieburn, was ordered to be sold for fund recovery.
The Couple’s Defense
In 2022, the couple’s defense was rooted in their belief that they had bagged a prize from Crypto.com. Singh asserted that he had received a competition-related notification from the company. However, this claim was vehemently denied by Michi Chan Fores, Crypto.com’s compliance officer.
The Current Scenario
Fast forward to September 2023, Manivel accepted the charges against her and was sentenced to an 18-month community corrections order, having already spent over half a year in custody. Her partner, Singh, will be presenting his plea on Oct. 23.
This intriguing saga underscores the unprecedented pitfalls of the digital age where colossal sums can be misdirected at the touch of a button. As the world increasingly shifts towards digital currencies and transactions, stringent checks and balances become paramount. For the Melbourne couple, their windfall was ephemeral and came with significant legal consequences.
Their story serves as a cautionary tale for both users and platforms in the burgeoning world of cryptocurrency. As Singh’s trial looms on the horizon, this case remains a pertinent reminder of the responsibilities that come with unexpected fortunes and the importance of integrity in the face of temptation.