Crypto.com Mistakenly Transfers $10.5 Million to Australian Women
The Unbelievable Story of a Crypto Windfall
In a bizarre turn of events, an Australian couple found themselves at the center of a financial storm when they received a staggering $10.5 million in their bank account due to a cryptocurrency refund mix-up. What initially seemed like a stroke of unbelievable luck quickly spiraled into a legal saga that has left the world in awe.
The Story Unfolds
Thevamanogari Manivel and her partner, Jatinder Singh, unwittingly became the recipients of this astronomical sum in May 2021 when Crypto.com attempted to refund Manivel a mere $100. A data entry error in an Excel spreadsheet by a worker in Bulgaria triggered this colossal blunder, and the mistake remained undetected until a routine audit in December.
The mishandled refund request eventually found its way to an Australian payment provider, who transferred the funds to Manivel's Commonwealth Bank account. Interestingly, the Crypto.com account was registered in Singh's name, but the transfer ended up in Manivel's account, as she had used her bank card for cryptocurrency purchases.
A Case of Misguided Belief
Adding a twist to the story, Singh apparently believed that they had won a competition after receiving a notification from the Crypto.com app. This belief was also communicated to Manivel. However, a Crypto.com compliance officer, Michi Chan Fores, disputed this claim, asserting that there was no such competition, and the company did not send push notifications regarding competition winnings.
The Unraveling of the Windfall
With millions unexpectedly at their disposal, the couple embarked on a spending spree. They allegedly purchased four houses valued at $4 million, transferred $4 million to a Malaysian bank account, and indulged in extravagant gifts, vehicles, art, and furniture purchases. While most of the misappropriated funds have been recovered, approximately $3 million remains unaccounted for, leading to civil action against the couple to freeze their properties and recoup the outstanding money from their relatives.
Legal Proceedings and Flight Risk
Manivel faced three charges, including theft from Commonwealth Bank for withdrawing the erroneously transferred money and negligently dealing with the proceeds of a crime. Her arrest at Melbourne airport in March, while attempting to board a one-way flight to Malaysia with $11,000 in cash, led to an additional charge.
In a surprising turn of events, Manivel's lawyer applied for her release on bail, highlighting her lack of awareness regarding the impending criminal charges when she attempted to return to Malaysia to see her ex-husband and children. After over six months in custody and with another year until trial, her defense argued for her release.
Despite opposition from the prosecution, Magistrate Peter Reardon granted Manivel bail under strict conditions, including surrendering her passport and restrictions on her travel.
Conclusion
The extraordinary saga of the mistaken cryptocurrency windfall serves as a stark reminder of the far-reaching consequences of financial errors in the digital age. While Crypto.com's blunder was an inadvertent one, it led to legal ramifications, leaving the couple at the center of a high-profile case that continues to captivate public interest. As Manivel and Singh await trial, their story serves as a cautionary tale about the responsibilities and consequences associated with handling digital currencies in a rapidly evolving financial landscape.