Crypto Blunder Costs Crypto.com $100m
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An editor at Coincrop
02 Sept 2022 | 2 min read
n December 2021, an Australian woman's bank account was inadvertently entered into the payment amount field on a cryptocurrency trading platform Crypto.com (CRO-USD), sending $10.5m to her bank account instead of paying out a $100 refund.
Crypto.com filed a lawsuit in the Victorian Supreme Court to recoup the money through the courts and took legal action in the Victorian Supreme Court. In February, authorities granted a freeze on the Australian women's bank account, but she had already transferred most of the funds to other accounts and these were subsequently frozen by authorities.
$1.35 million of the $10.5 million that was mistakenly sent was spent on a four-bedroom home in Melbourne, which was then transferred into Manivel's sister's name in Malaysia, according to the Australian court.
The court's decision favoured Crypto.com and Manivel's sister was ordered to sell the property as soon as feasible.
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