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A Hundred Bucks or Ten Million Dollars?

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How does one transform a measly $100 into $10 million without a magical genie? Investors can pray for a glitch in the trading platform to tip the numbers in a desirable direction. Cryptocurrency trading platform Crypto.com mistakenly transferred $10.5 million to an Australian woman. Thevamanogari Manivel was eligible for a $100 refund, not a $10 million fortune.

Crypto.com, which operates as Foris GFS in Australia, had a shocking discovery after reviewing the books. The company didn’t spot the error until seven months after the transaction went through. The lady was not going to report the good fortune as she was hoping for it to slide through their radar.

How did this happen? Did an exhausted employee let the finger rest a little too long on the zero button? There was a mix-up of numbers as Manivel’s account number was incorrectly entered into the payment amount field.

The company filed a lawsuit in the Victorian Supreme Court and granted a freeze on Manivel’s Commonwealth Bank account. She transferred the funds to other accounts but the judge later ordered them to freeze those accounts as well.

Manivel had plans to live her high life as the court discovered that $1.35 million of that money had paid for a four-bedroom home in Craigieburn in Melbourne. The property ownership was under the name of Manivel’s sister, Thilagavathy Gangadory, who lives in Malaysia. This scenario might be financial fraud but it could also be seen as sister goals.

The lavish lifestyle with the homeownership was short-lived. The judge ruled in favor of the company and ordered Gangadory to sell the property immediately, with the money transferred back to Crypto.com. Manivel also owes interest fees totaling $27,369.64.

Money that trickles in quickly can dissolve in seconds.

Source: https://www.theguardian.com/technology/2022/aug/31/crypto-com-accidentally-transfers-10-5-million-australian-woman-melbourne-cryptocurrency

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