The popular cryptocurrency exchange Crypto.com accidentally transferred $10.5 million AUD (~$7.2 million USD) to an Australian customer instead of sending the customer the $100 AUD (~$68 USD) they meant to refund. After not noticing the error for seven months, the exchange is not attempting to get its money back.
The Verge reports that cryptocurrency exchange Crypto.com accidentally transferred $10.5 million AUD (~$7.2 million USD) to an Australian customer instead of issuing the $100 AUD (~$68 USD) refund the company meant to send. The exchange reportedly didn’t notice the error until seven months later, by which time a portion of the money was gone.
The initial transfer took place in May 2021 after an employee accidentally typed an account number in the payment amount field. Crypto.com only realized the mistake while undergoing an audit in December 2021. The customer in question, Thevamanogari Manivel, reportedly did not report the incorrect refund and instead transferred the money to a joint account and spent $1.3 million AUD ($890, 526 USD) on a luxurious five-bedroom home for her sister.
Now the company has filed a lawsuit in the Victoria Supreme Court to get the cash back. Crypto.com successfully put a freeze on Manivel’s account in February and the court ordered her to sell the home and return the money, with interest, to the exchange. The case is expected to resume in court in October and Crpyto.com declined to comment on the situation.
This isn’t the first time that a minor typo or error has resulted in a major crypto loss. Just earlier this week, the Solana-based exchange OptiFi lost $661,000 after a developer accidentally shut down the entire program the exchange runs on by using the command “solana program close.”
Read more at the Verge here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan