Popular cryptocurrency exchange Crypto.com accidentally transferred AU$10.5M (~$7.2M) to an Australian customer instead of sending the AU$100 (~$68) they intended to get back. Ignoring the error for seven months, the exchange will not try to refund their money.
The Verge reports that cryptocurrency exchange Crypto.com mistakenly transferred AU$10.5 million (~$7.2 million) to an Australian customer instead of providing the AU$100 (~$68M) compensation the company wanted to send. The exchange reportedly noticed the error just seven months later, when some of the money had already disappeared.
Matt Damon laughs at Crypto.com ad (YouTube/Crypto.com)
The first transfer took place in May 2021 after an employee accidentally entered an account number in the payment amount field. Crypto.com only noticed the bug during an audit in December 2021. The client in question, Thevamanogari Manivel, reportedly did not falsely report a refund, but instead transferred the money to a joint account and spent A$1.3 million ($890.526). in a luxury five-bedroom house for his sister.
The company has now filed a lawsuit in Victoria’s Supreme Court to get the money back. Crypto.com successfully froze Moneyvel’s account in February, and the court ordered him to sell the house and return the money with interest on the exchange. The case is expected to be reopened in court in October, and Crpyto.com declined to comment on the situation.
This is not the first time that a minor typo or mistake has caused a serious loss of cryptocurrency. Just this week, Solana-based exchange OptiFi has lost $661,000 after a developer accidentally shut down the entire program running the exchange using the “solana shutdown” command.
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Source: Breitbart
