An alleged mistake on the part of the major cryptocurrency exchange Crypto.com resulted in a massive USD 10.5m wire transfer into the bank account of an Australian individual.
Thevamanogari Manivel, the bank account owner, and her sister Thilagavathy Gangadory had gone on a big shopping spree since May 2021, when Thevamanogari got the unauthorised payments, according to 7News. Before Crypto.com realised its error during a December audit that year, a significant chunk of the funds was already gone.
Crypto.com has initiated legal proceedings against the ladies to reclaim the funds. A court in Australia has recently determined that following the erroneous payment in May 2021, Manivel sent about USD 10.2 million and USD 400,000 to two separate accounts.
In February 2022, funds were withdrawn from the two accounts to purchase a $1.35 million home in the Melbourne suburb of Craigieburn. The five-bedroom home is thought to have been designed for Gangadory.
According to reports, Crypto.com has won its legal battle against the two sisters, obtaining an order from Victoria’s Supreme Court mandating the sale of the residence and the return of the funds to the cryptocurrency exchange. The case is slated to return to court this October.