Digital assets exchange Crypto.com is reportedly in a legal battle with two Melbourne women to recover $7.2 million that was accidentally deposited into one of their bank accounts.
According to a new report by 7News, the Singapore-based firm sent the funds to Thevamanogari Manivel when her account number was accidentally entered into the payment field as the company was attempting to process a refund of $68.50 in May 2021.
[adinserter block="1"]
The company did not realize its mistake until seven months later during an audit in December 2021. It later filed a legal claim to retrieve the amount but Manivel already spent a chunk of the money.
The court found that instead of reporting the error, Manivel moved $6.2 million of the mistakenly-sent funds to a joint account. In February of this year, she used about $900,000 to buy a five-bedroom home for her sister, Thilagavathy Gangadory, according to the report.
The report says that Crypto.com has already won a portion of the legal battle as a judge in Victoria’s Supreme Court has ordered the sale of the luxury home and the proceeds returned to the crypto company.
Crypto.com is seeking the recovery of the amount amid a crypto winter that resulted in a slump among digital assets companies. In June, the exchange let go of 260 employees, or about 5% of its workforce, to optimize profitability in the current crypto market downturn.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Quardia
