The Triangle LivingThe Triangle Living
  • Home
  • Latest News
  • Real Estate
  • Business
  • RTP
  • Chatham Park
  • Food and Drink

Subscribe to Updates

Get the latest Real Estate, Finance news directly to your inbox.

What's Hot

Four New Cafes Shake Up the Durham Coffee Scene

September 28, 2023

Raleigh luxury homes in high demand

September 27, 2023

Cassie Hill – Chatham Park Homes

September 21, 2023
Facebook X (Twitter) Instagram
Facebook X (Twitter) YouTube Telegram
The Triangle LivingThe Triangle Living
Consult Subscribe
  • Home
  • Latest News
  • Real Estate

    Raleigh luxury homes in high demand

    September 27, 2023

    Average U.S. mortgage rate climbs to highest level in 21 years

    August 18, 2023

    Raleigh Real Estate Market Forecast: What to Expect in the Next 5 Years

    August 11, 2023

    Why Raleigh is the Ideal City for Real Estate Investors

    August 11, 2023

    Navigating the Durham Real Estate Market: Tips for Buyers and Sellers

    August 11, 2023
  • Business
  • RTP
  • Chatham Park
  • Food and Drink
The Triangle LivingThe Triangle Living
Home » Crypto: Woman Receives $7.1 million While Waiting for $68 Refund
Business

Crypto: Woman Receives $7.1 million While Waiting for $68 Refund

Press RoomBy Press RoomSeptember 3, 2022No Comments4 Mins Read0 Views
Facebook Twitter Telegram Tumblr Reddit WhatsApp
Share
Facebook Twitter LinkedIn Pinterest Email

Crypto.com, Matt Damon’s favorite bitcoin platform, accidentally transferred several million dollars to a woman who was waiting for a refund of $68.

It is a regrettable error which is expensive.

This is an error that raises eyebrows and questions the control mechanisms in the crypto industry as a whole.

This risky error is likely to push the regulators to tighten their supervision of the main players in the young industry, which is still trying to earn its letters of nobility and to allay the fears of the general public. It is not certain that with this error the evangelists of the crypto space have an additional argument in their fight for a mass adoption of the industry.

The error in question was the transfer to an Australian woman of A$10.47 million ($7.13 million) by crypto platform Crypto.com while the Melbourne resident was only expecting a refund of A$100 ($68), according to court documents.

7 Months to Realize the Mistake

The most worrying thing about this case is that Crypto.com, the cryptocurrency exchange platform of which actor Matt Damon is the ambassador, only realized the error almost seven months later.

Channel 7 was first to report this big mistake

These revelations are made because Crypto.com is trying to recover the money and has therefore gone to court.

“The plaintiffs made claims against a total of 8 defendants. The proceeding relates to a mistaken payment allegedly made to the first defendant, Thevamanogari Manivel,” court documents read. “It was alleged that in May 2021, instead of refunding $100.00 as intended, $10,474,143.00 was erroneously transferred to Manivel after an account number was accidentally entered into the payment amount field by a representative of the second plaintiff.”

It continued: “Extraordinarily, the plaintiffs allegedly did not realize this significant error until some 7 months later, in late December 2021.”

When Crypto.com had the lady’s accounts frozen in February, it turned out that she had already transferred much of the money to other people, including her sister Thilagavathy Gangadory, who are now also being sued by the firm.

Some of the Money Has Already Been Spent

The problem is that Manivel has already spent some of that money. She purchased a 5-bedroom property in the suburbs of Melbourne for A$1.35 million on behalf of her sister Gangadory. The court ordered the sale of the property and that the money from that sale be given to Crypto.com.

“On 12 May 2021, the wrongful payment was made to Manivel,” the court said. Manivel retained those funds, disbursing $10,100,000.00 to the joint account. On 4 February 2022, Manivel withdrew funds from the joint account (…) for the purpose of buying and gifting the Craigieburn property to Gangadory.”

That transaction was completed prior to 21 February 2022.

“Gangadory is currently the registered proprietor of the Craigieburn property. Therefore, for the purposes of this application it is established that the Craigieburn property was acquired with funds traceable to the wrongful payment,” the court concluded.

The court therefore declared that the property “was acquired by Gangadory on trust for the first plaintiff [Crypto.com], set out arrangements by which the first plaintiff was to sell the Craigieburn property, and awarded interest and costs in favor of the first plaintiff.”

The case returns to court in October.

Bad Timing for Crypto.com

“As the matter is before the courts, we are unable to comment,” a spokesperson for Crypto.com said in an emailed statement.

These revelations come at a delicate time for Crypto.com. There are questions about the firm’s financial situation after news that the platform has quietly cut hundreds of jobs in recent months.

According to Decrypt and The Verge, the platform has cut about 1,000 more jobs since June. Crypto.com confirmed to TheStreet that it has continued to downsize but did not give a figure. The company also insisted that its refusal to specify the extent of the cuts said nothing about its financial situation. Crypto.com claims to be in good financial health.

“We announced reductions in June and since that time we have optimized our workforce to align with current external economic headwinds,” a Crypto.com spokesperson told TheStreet last month.

“We have a strong balance sheet and will continue to invest in product, engineering, and brand partnerships moving forward,” the spokesperson added.

TheStreet, Inc. All rights reserved. Action Alerts PLUS is a registered trademark of TheStreet, Inc.

This story was originally published September 3, 2022 10:26 AM.



Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Previous ArticleCrypto.com Accidentally Transfers $7.1 Million to Australian Woman
Next Article Las Vegas Casino Closing, Another Will Take Its Place

Related Posts

Investing in the Triangle: Why Raleigh-Durham Is Attracting Venture Capitalists

August 11, 2023

RTP Attracts Global Investment: Examining the Region’s Success in Foreign Direct Investment

August 11, 2023

RTP Networking Events: A Catalyst for Innovation and Collaboration

August 11, 2023

Raleigh’s Growing Start-up Scene: A Look at the City’s Thriving Entrepreneurial Hub

August 11, 2023

Women in Business: Celebrating Durham’s Female Entrepreneurs and Leaders

August 11, 2023

Raleigh-Durham’s Retail Revolution: The Changing Face of the Local Business Scene

August 11, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Articles

Raleigh luxury homes in high demand

September 27, 2023

Cassie Hill – Chatham Park Homes

September 21, 2023

Shaw University Expands Campus and Reach to RTP in Collaboration with Research Triangle Foundation of North Carolina

September 19, 2023

Subscribe to Updates

Get the latest Real Estate, Finance news directly to your inbox.

Advertisement

Your Top Source for the latest Real Estate, Finance, Business and general news about North Carolina, Follow us to get the latest news from the most trusted sources.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Top UK Stocks to Watch: Capita Shares Rise as it Unveils

January 15, 2021
8.5

Digital Euro Might Suck Away 8% of Banks’ Deposits

January 12, 2021

Oil Gains on OPEC Outlook That U.S. Growth Will Slow

January 11, 2021

Subscribe to Updates

Get the latest Real Estate, Finance news directly to your inbox.

© 2023 The Triangle Living. All rights reserved.
  • About
  • Privacy Policy
  • Terms and Conditions
  • Advertise
  • Contact

Type above and press Enter to search. Press Esc to cancel.