Lessons from Crypto.com’s $10.5M Error
Crypto.com, has mistakenly transferred $10.5 million to a Melbourne woman, Thevamanogari Manivel, back in May of 2021, when they were simply trying to process a refund of $100.
The exchange is currently reeling from the expensive accident, revealing the mistake was only picked up 7 months later in an end-of-year audit, according to the outlet.
The Singapore-headquartered exchange legally pursued the Melbourne local to recover the money, informing the court that the blunder happened because an account number had entered the payment field, instead of the initially requested amount, the report said.
However, by the time the platform had noticed, the $10.5 million had already gone towards a multi-million dollar mansion in the Melbourne suburb of Craigieburn, complete with a home cinema and gym.
It’s understood Manivel had bought the five-bedroom home as a gift for her sister.
It was a little too good to be true for Manivel. A judge has now reportedly ordered the property in Craigieburn to be sold and for the exchange’s money to be paid back.
A report from 7NEWS also understands if the homeowner doesn’t put the property on the market a receiver could be appointed to arrange the sale, or if they ignore the orders they could face contempt of court.
There’s no doubt that if you saw that in your account you would know it shouldn’t be there, and the onus is actually on you to actually call the sender and to say look that shouldn’t have come into my account,” Justin Lawrence from Henderson and Ball Lawyers told 7NEWS.
“If you’re withholding property of someone else you’re effectively holding property by deception, you’re not entitled to it, you need to give it back.”
The case returns to court in October.
Crypto.com will likely win in court as it’s a well-established company, but this will serve as a cautionary tale for other companies.
Conclusion to the Crypto.com Fiasco
The cautionary tale of Crypto.com’s $10.5 million mistake highlights the importance of proper financial management and vigilance in any venture—including Bitcoin mining in Australia. Just as secure systems are essential for exchanges, miners need reliable strategies, efficient ASIC mining hardware, and trusted crypto hosting solutions to succeed.
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