Crypto.com Staked ETH

<p>A significant error by Crypto.com led to a man and his partner facing theft charges after the exchange mistakenly refunded $6.8 million (approximately $10.47 million AUD) instead of $65. Jatinder Singh and his partner, Thevamanogari Manivel, withdrew and spent the money, resulting in legal consequences three years later.</p><h3 id="misappropriated-funds-and-legal-actions">Misappropriated Funds and Legal Actions</h3><p>In May 2021, Singh attempted to deposit $65 into his Crypto.com account using Manivel&#39;s bank account. Due to a name mismatch, the deposit was rejected. However, a Crypto.com employee erroneously refunded $4.42 million to Manivel&#39;s account. The error went unnoticed until an internal audit seven months later. By then, the couple had purchased two homes, two blocks of land, and gifted $650,000 to a friend.</p><p>Upon discovering the mistake, Crypto.com contacted the Commonwealth Bank, which informed Manivel of the need to return the funds. Despite suspecting a scam, she transferred $2.6 million to her account. Manivel was later arrested while attempting to board a flight to Malaysia in March 2022.</p><h3 id="sentencing-and-legal-outcomes">Sentencing and Legal Outcomes</h3><p>Singh pled guilty to the theft of $4.42 million in the Victorian County Court in Australia. His defense argued that he did not comprehend the severity of his actions. Singh awaits sentencing later this month. Manivel, who pled guilty to recklessly dealing with the proceeds of a crime, was sentenced to 209 days in prison. However, her sentence was considered already served due to time spent on remand, and she was placed on an 18-month community corrections order.</p><h3 id="conclusion">Conclusion</h3><p>This case highlights the severe consequences of mishandling mistakenly received funds. Despite initial suspicions and legal maneuvers, both Singh and Manivel faced significant legal repercussions. The incident underscores the importance of promptly addressing financial discrepancies and adhering to legal and ethical standards when dealing with unexpected financial windfalls.</p>

Crypto.com Error Leads to Theft Charges

Table of Contents

DroomDroom

Other articles published on Aug 2, 2024

Genesis concludes bankruptcy with $4b creditor payout

Aptos Foundation Launches Ondo Finance’s Yield-Bearing Stablecoin on Blockchain, Eyes Major Marke...

Lido launches institutional-grade liquidity staking solution

IOTA EVM Growth Gets a Big Push: 172.000,000 Tokens Allocated for Liquidity

BlackRock Issues Urgent Warning Over Rising Crypto Scams Targeting ETF Investors

Terra Faces New Challenges After $6.8M Security Breach

Join our free newsletter for daily crypto updates!