Crypto.com Refunds User Incorrect Amount Costing $7.2 Million

An accidental mistake caused the cryptocurrency exchange Crypto.com, to send $10.5 million AUD (about $7.2 million USD) to an Australian user instead of the intended $100 AUD (around $68 USD).
The exchange reportedly didn’t even discover the inaccuracy until 7 months later, by which time a part of the funds had already been lost, as per Australian news site 7News (via CoinTelegraph).
After an employee erroneously entered an account number in the payment amount section in May 2021, the first transfer took place. Crypto.com did not become aware of the error until an audit was carried out in December 2021.
Thevamanogari Manivel, the user in issue, reportedly deposited the money to a joint account and spent $1.3 million AUD (about $890,526 USD) on a luxurious mansion for her sister rather than reporting the inaccurate refund to Crypto.com.
The company has since filed a lawsuit in Victoria Supreme Court to try to recover its money. The Guardian reported that in February, Crypto.com successfully froze Manivel’s account.
Manivel should sell the house and pay back the exchange’s money plus interest, according to the court’s order. In October, the case will be brought back before the court. Crypto.com refused to provide further information.
Exchanges are apparently losing money recently for a variety of reasons, including mistakes that might be contributing to the crypto winter. Earlier last week, a developer unintentionally used the “solana program close” command to shut down the whole program that powered the decentralized exchange OptiFi, wiping out $661,000.
In order to avoid future occurrences of this kind of issue, the exchange now demands the use of a notification system when utilizing the prompt.
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