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Once upon a time, there was a multimillion-dollar mistake…

In the ecosystem of digital currencies, we often talk about the mistakes made by users that cause them to lose funds. However, it also happens that exchanges make mistakes that cost them extremely dearly. This is the case of Crypto.com who accidentally lost millions in 2021.

crypto.com , crypto

In the middle of the year 2021, a user of Crypto.com had requested that the exchange reimburse him an amount less than $70. But, the platform accidentally sent $7.2 million. Crypto.com tried to recover the funds, but it was too late. Indeed, the user used part of the money to afford a house. The court has been seized and the user will now have to return the funds.

Those concerned by this case: the sisters Manivel Thevamanogari and Gangadory Thevamanogari living in Melbourne, Australia. One of them had asked for a refund of 100 Australian dollars, or 68 US dollars. But, the exchange Crypto.com inadvertently sent 10.5 million Australian dollars, or 7.2 million US dollars.

This situation would result from an error made by an employee of the exchange. The latter indeed indicated an account number in the section where he had to enter the amount (100 Australian dollars) to be refunded. Note that the transfer error was only noticed in December 2021 after an audit.

The lucky recipient of the funds admitted that she was pleasantly surprised at the time. She stated that she believed that the money belonged to her, having found that she did not receive any notification from Crypto.com . It was then that she transferred the funds to a joint account that she managed with her sister.

In the 10.5 million Australian dollars accidentally transferred to a user of Crypto.com , 1.35 million was spent on real estate. The amount made it possible to purchase a luxurious five-bedroom house in the town of Craigieburn.

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Luc Jose Adjinacou avatar
Luke Jose Adjinacou

Far from having cooled my ardor, an unsuccessful investment in 2017 on a cryptocurrency only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay information related to this ecosystem with my pen.

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