Celebrity-Backed Crypto Platform Sues Woman After Accidentally Giving Her $10.5 Million

Many have dubbed this the season of “crypto winter,” with the valuation of once-loved coins plummeting amid a volatile market and a brutal onslaught of hackers and digital theft.< /p>

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Exchange platforms have been hit hard in recent months, especially due to the lack of regulation on these platforms, resulting in crucial errors or loss of funds when users cash in or withdraw.

This was the case of an Australian woman who tried to cash out $100 on Crypto.com and instead found an accidental and occasional deposit of $10.5 million in her bank account.

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Thevamanogari Manivel, based in Melbourne, had requested a $100 refund from the platform in May 2021. The error was discovered by audit on December 21 after it was discovered that an employee had entered the wrong account number in the payment form.

It was too late for the error to be reversed, and much to the dismay of Crypto.com, much of the money had already been spent on shopping sprees, including a multimillion-dollar house that Manivel had bought for his sister.

Crypto.com sued Manivel for the funds, claiming it failed to notify the exchange of the misplaced deposit and even froze its account with the company. Neither Manivel nor his sister have responded to court summonses and now Justice James Elliott of the Supreme Court of Victoria in Australia has given a default judgment in the case.

The issue orders Manivel and his sister to return the funds and the house, including sales profits and legal fees that the exchange must pay. The two sisters now owe a minimum of $1.35 million, over $27,000 in interest, and the sale of the house which is valued at approximately $1.35 million.

Crypto.com has been a popular game for celebrity endorsements, including ads with LeBron James and Matt Damon. The famous Staples Center in Los Angeles has even been renamed to become the Crypto.com arena.

The company laid off around 260 employees last June before several employees came forward and revealed that hundreds more layoffs took place quietly in the weeks that followed, which some say exceeded 1,000 employees in total.

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