Gigantic Financial Windfall Turns into Nightmare for Australian Couple
In May 2021, a minor error by the massive cryptocurrency exchange Crypto.com resulted in a massive financial windfall for an unsuspecting Australian couple. However, this stroke of luck has not brought them the happiness one would expect, as they are now facing severe consequences. What was once a bizarre dream come true has suddenly turned into a complete nightmare.
The Massive Crypto Blunder
It all started when Thevamanogari Manivel transferred money to her partner Jatinder Singh’s Crypto.com account. However, the exchange discovered that the bank account did not match the account on the platform. As a result, a refund was initiated. Instead of reimbursing the intended 100 Australian dollars, a staggering 10.5 million Australian dollars was mistakenly refunded to Manivel’s bank account. This is equivalent to approximately 6.3 million euros.
The Hong Kong-based cryptocurrency exchange only realized the blunder seven months later, during an annual audit in December 2021. After filing a lawsuit in the Victoria Supreme Court, the judge ruled that the money must be returned to the platform.
By the time the mistake was discovered, the Australian couple had already spent the money on, among other things, four houses and several cars. They had also transferred around 4 million Australian dollars to a Malaysian bank account.
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Back in October of last year, the couple tried to convince the judge that they believed they had won a prize from the crypto exchange.
Crypto Dream Turns into a Nightmare
What was initially characterized as the day of their lives has now become a day they desperately want to forget.
This month, Manivel was convicted after pleading guilty to recklessly handling the unlawfully obtained funds. She received a community correction order, which is a broader form of punishment than community service, for eighteen months, with six months of intensive compliance and unpaid community work, in addition to the 209 days she had already spent in custody. In March of last year, she was apprehended while attempting to board an airplane at Melbourne Airport.
Furthermore, Singh has been accused of theft and is set to appear in court on October 23.
Earlier this year, a similar story made headlines in the crypto news involving Crypto.com. Following an erroneous transaction worth $50,000, the recipient was ultimately burdened with a significant financial loss. Crypto.com had to initiate an arbitration case to recover the funds, forcing the recipient to repay the initial amount plus over $25,000 to the exchange.
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The case of the Australian couple who accidentally received a substantial sum of money from Crypto.com highlights the potential risks and complications that can arise in the world of cryptocurrency. While it may seem like a dream come true to suddenly come into possession of such a large sum, it is crucial to handle such situations responsibly and ethically. Mistakes can have severe consequences, and it is always best to rectify them promptly.
Crypto, Crypto Exchange, Crypto.com