An Australian man has been sentenced to prison after spending millions of dollars that were accidentally refunded to him by Crypto.com. The incident began when the exchange mistakenly transferred $10.5 million to Thevamanogari Manivel instead of the intended $100 refund.
The error occurred in May 2021 when Manivel attempted to deposit a small amount into her partner Jatinder Singh's Crypto.com account. Due to a misentered account number, the exchange issued a refund of $10.5 million. The mistake went unnoticed for several months until an internal audit revealed the error.
During this time, the couple spent a significant portion of the funds, purchasing properties and other luxury items. Prosecutors argued that they should face severe consequences for their actions, leading to Singh's conviction for theft. He awaits sentencing after pleading guilty to charges related to the misappropriated funds.
This case serves as a cautionary tale about the potential consequences of financial errors in the cryptocurrency space, highlighting the importance of vigilance in managing digital assets.Read more on Decrypt
Australian Jailed for Spending Crypto.com Refund Millions
