Crypto.com's $10.5 Million Mistake: What Happened?

Exchange platform Crypto.com is reeling from an expensive mistake after accidentally refunding an Australian woman an amount way higher than she expected. This wasn't a small error; we're talking about a staggering $10.5 million AUD! But how did this happen, and what are the repercussions?

The Crypto.com Error: A Multi-Million Dollar Blunder

The Crypto.com, a popular crypto exchange, has launched legal action against Thevamanogari Manivel and her sister Thilagavathy Gangadory after taking seven months to realize the massive overpayment. The initial refund should have been significantly less, but a clerical error led to a monumental discrepancy.

Melbourne Couple Faces Trial Over Crypto.com's Mistake

A Melbourne 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 Crypto.com. The funds were reportedly used to purchase a luxury home and other items.

Seven Months Unnoticed: How Did Crypto.com Miss It?

Surprisingly, Crypto.com had no clue about its mistake for a period of seven months. It begs the question: how can such a large sum go unnoticed for so long within a major cryptocurrency exchange? The firm went on to realize that it was short of $10 million during its audit before launching an investigation that eventually traced the error back to the initial refund.

The Aftermath of the $10.5 Million Error

The legal proceedings are ongoing, and the case highlights the importance of robust internal controls within cryptocurrency exchanges. This $10.5 million mistake serves as a cautionary tale for the entire industry, emphasizing the need for meticulous transaction processing and diligent financial oversight. The incident has raised questions about Crypto.com's internal processes and the potential for similar errors to occur in the future.