Crypto.com Mistakenly Wired Its Australian User USD 10.5M

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Jaroslaw Adamowski

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Jaroslaw Adamowski

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June 25, 2023

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An apparent error on the side of major crypto platform Crypto.com has turned an attempt to process a USD 100 refund into a hefty USD 10.5m wire transfer into a bank account owned by a resident of Melbourne, Australia.

Thevamanogari Manivel, to whom the bank account belongs, and her sister Thilagavathy Gangadory have gone on a massive spending spree after the former received the undue funds in May 2021, as reported by local broadcaster 7News. Before the company discovered its mistake during an audit held in December that year, a large portion of the funds was already gone.

Per the report, seeking to retrieve the funds, Crypto.com has launched legal action against the women. An Australian court has since established that, following the erroneous transfer from May 2021, Manivel wired some USD 10.1m and USD 400,000 into two different accounts. In February 2022, funds were taken from the two accounts to purchase a property worth some USD 1.35m in Craigieburn, a Melbourne suburb. It is believed the five-bedroom house was intended for Gangadory.

Crypto.com has so far reportedly succeeded in its legal battle against the two sisters, securing an order from Victoria’s Supreme Court under which the home is to be sold, and the money returned to the crypto exchange. The case is scheduled to return to court this October.

When contacted by Cryptonews.com, Crypto.com declined to comment as “the matter is before the courts.”

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(Updated on August 31 at 06:40 UTC: the last sentence was added.)