What? CryptoCom Mistakenly Sent $10M to Woman Instead of $100

Leading cryptocurrency exchange, CryptoCom has made a huge mistake by transferring $10.5 million to a customer while trying to refund $100. The company only realized its mistake seven months after the transaction was executed.

A Big Mistake

According to the report by the Daily Mail, in May 2021, Thevamanogari Manivel, an Australian woman requested a refund of $100 from CryptoCom but instead, the company mistakenly sent her a staggering $10.5 million.

The error occurred when the team running the refund accidentally entered an account number in the payment section of the transfer instead of the $100. It then took CryptoCom until December 2021 to realize its mistake after an audit exercise was conducted.

CryptoCom Wants a Refund

After discovering the error, the company tried to recover the funds from the customer but she had already spent $1.35 million on a luxury five-bedroom apartment and moved the remaining funds to other accounts. The house was purchased on February 3, 2022, the report said.

CryptoCom asked the court to freeze Manivel’s bank account on February 7 but before the order could be taken out, she had already moved $10.1 million to a different joint account and transferred $430,000 to her daughter, Raveena Vijian. She also transferred the house registration to her sister, Thilagavathy Gangadory, who lives in Malaysia.

The company has now taken legal action in the Supreme Court against Manivel and her sister.

Judge James Dudley Elliott,  who is overseeing the case, has ordered the house be sold with money realized from it going to CryptoCom. Justice Elliott also ordered the woman to return the remaining money.

Not the First

Meanwhile, mistakes resulting in loss of funds are not new in the crypto space. In May 2021, crypto lending firm BlockFi mistakenly credited its customers with 700 BTC during a promotion campaign.

Late last year, someone mistakenly sent $1 million in ether (ETH) to a non-fungible token (NFT) seller instead of directly placing a bid for the digital collectible on the NFT marketplace OpenSea.

In September, an unknown user mistakenly paid $23.5 million in fees for an Ethereum transaction.