{"id":65205,"date":"2023-09-25T11:47:02","date_gmt":"2023-09-25T15:47:02","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/couple-inadvertently-receives-10-5m-from-crypto-com-plea-hearing-scheduled-for-october\/"},"modified":"2023-09-25T11:47:05","modified_gmt":"2023-09-25T15:47:05","slug":"couple-inadvertently-receives-10-5m-from-crypto-com-plea-hearing-scheduled-for-october","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=65205","title":{"rendered":"Couple Inadvertently Receives $10.5M from Crypto.com; Plea Hearing Scheduled for October"},"content":{"rendered":"
\n

A\u00a0Melbourne\u00a0<\/strong>couple is set to face a plea trial in October for a theft charge after inadvertently receiving 10.5 million Australian dollars ($6.7 million) from\u00a0Crypto.com<\/strong>\u00a0in 2021.\u00a0<\/p>\n

The couple, who received the funds by mistake, proceeded to spend the money before the error was discovered.<\/p>\n

The incident occurred in May 2021 when\u00a0Thevamanogari Manivel<\/strong>\u00a0made a transfer to her partner\u00a0Jatinder Singh<\/strong>‘s Crypto.com account.\u00a0<\/p>\n

The exchange identified that the bank account did not match the exchange account, and thus issued a refund.\u00a0<\/p>\n

Instead of an AUD $100 ($67) refund, however, it accidentally\u00a0sent\u00a0AUD $10.5 million (worth over $7 million) to Melbourne-based investors.<\/p>\n

The incident went unnoticed until December 2021 when Crypto.com conducted its annual audit.\u00a0<\/p>\n

Following the revelation, the exchange filed a lawsuit in the\u00a0Victoria Supreme Court<\/strong>, seeking the return of the funds to the platform.\u00a0<\/p>\n

However, the couple alleged that they had already spent the bulk majority of the money.<\/p>\n

They reportedly purchased four houses, vehicles, and various other items. Additionally, approximately 4 million AU$ were sent to a Malaysian bank account.\u00a0<\/p>\n

At the time, the court ordered the sale of one of the houses, a five-bedroom property in Craigieburn worth 1.35 million AU$, with the proceeds to be returned.<\/p>\n

Couple Claim they Believed they Won a Prize<\/h2>\n

During the court proceedings in October 2022, the couple claimed that they believed they had won a prize from the crypto exchange.\u00a0<\/p>\n

Singh argued that he had received a notification about a competition from the company in the past.\u00a0<\/p>\n

However, Crypto.com’s compliance officer,\u00a0Michi Chan Fores<\/strong>, refuted any such competition, stating that the exchange did not send such notifications to its users.<\/p>\n

In September 2023, Manivel pleaded guilty to recklessly dealing with the proceeds of the crime.\u00a0<\/p>\n

She was sentenced to an 18-month community corrections order, which includes six months of intensive compliance and unpaid community work.\u00a0<\/p>\n

Meanwhile, Singh is scheduled to face a plea trial on October 23, where he will present his defense in the case.<\/p>\n

Notably, this was not the first time Crypto.com made a mistake when making transactions.<\/p>\n

In October last year, the exchange\u00a0mistakenly sent\u00a0320,000 ETH (worth around $400 million) to a wallet address linked to Gate.io.<\/p>\n

At the time, Crypto.com CEO Kris Marszalek explained that the transaction was supposed to be a move to a new cold storage address, but was sent to a whitelisted external exchange address.<\/p>\n

\n

“We worked with the Gate team and the funds were subsequently returned to our cold storage. New process and features were implemented to prevent this from reoccurring.”<\/p>\n<\/blockquote>\n

The exchange has also\u00a0come under scrutiny\u00a0for deploying internal teams to trade tokens for profit.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A\u00a0Melbourne\u00a0couple is set to face a plea trial in October for a theft charge after inadvertently receiving 10.5 million Australian dollars ($6.7 million) from\u00a0Crypto.com\u00a0in 2021.\u00a0 The couple, who received the funds by mistake, proceeded to spend the money before the error was discovered. The incident occurred in May 2021 when\u00a0Thevamanogari Manivel\u00a0made a transfer to her […]<\/p>\n","protected":false},"author":1,"featured_media":65206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-65205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nCouple Inadvertently Receives $10.5M from Crypto.com; Plea Hearing Scheduled for October | iFintechWorld<\/title>\n<meta name=\"description\" content=\"A\u00a0Melbourne\u00a0couple is set to face a plea trial in October for a theft charge after inadvertently receiving 10.5 million Australian dollars ($6.7 million)\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=65205\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Couple Inadvertently Receives $10.5M from Crypto.com; 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