Cryptocurrency exchange Crypto.com accidentally transferred AUD 10.5 million (US$ 7.2 million) to an Australian customer’s account instead of depositing AUD 100 (US$ 68) due to an unfortunate typo. According to Australian news outlet 7News, the stock market did not realize its mistake for seven months, and by then some of the money was already gone.
The transfer occurred in May 2021 when an employee mistakenly entered an incorrect amount in the payment amount field. Crypto.com only discovered the error while conducting an audit in December 2021.
It was announced that the client in question, Thevamanogari Manivel, instead of reporting the situation to Crypto.com, transferred the money to a joint account and spent AUD 1.3 million ($890,526) on a five-bedroom house.
Now the company is struggling to get its money back, with a lawsuit filed in Victoria’s Supreme Court. Crypto.com successfully frozen Manivel’s account in February, as reported by The Guardian. The court also ordered Manivel to sell the house and return the money (with interest) to the stock market. The case will continue this October.
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