thecoinrepublic.com
- Crypto.com, by mistake, transferred a huge amount of funds to an Australian Women user.
- The honorable Supreme Court ordered the receiver to pay back the amount to the firm with appropriate interest.
A news outlet reported that in May 2021, Singaporean cryptocurrency exchange Crypto.com transferred around AU$10.4 million to an Australian woman in place of an intended refund of AU$100(US$68); this issue took approximately 7 months to be recognized.
Crypto.com performed an audit in December and found a huge gap in the balance sheet of AU$10,474,143. After the organizational investigation, the official found that instead of transferring the amount by mistake, the account number got typed in the amount section, and this mistake occurred.
Moreover, when the company (Crypto.com) tried to recover the funds, they found that the receiver of the amount, Thevamanogari Manivel, had already used the funds for her expenditure, and the recipient used a sum of AU$1.35 million in gifting a house to her sister(Thilagavathy Gangadory) in Melbourne northern suburbs.
Further, the issue was reported in the state of Victoria, and the Judge of the Supreme Court ordered to sell the house of Thilagavathy Gangadory and return the total amount to Crypto.com with an interest of AU$27,369.
The honorable Supreme Court highlighted that if the house of Thilagavathy is not placed on the market for sale, then a receiver will be appointed to sell the house. If the recipient refused to obey the Court’s order, they would be charged with contempt of Court.
A similar kind of case was registered in the South Korean Court, and the matter was stated as a local crypto investor received 199.999 BTC worth around US$1.25 million by mistake in 2018. Still, the Court of South heard the case and did not punish the investor.