Transfer Error Turned Woman's $100 Refund Into $10.5 Million — She's Now Been Ordered To Return It All

Sep 08, 2022 by apost team

Founded in 2016, Crypto.com is a cryptocurrency exchange company based out of Singapore. It has gained notoriety over the years as its mobile app has become one of the main spaces to buy and sell different cryptocurrencies. The company has since also predictably branched into the NFT market. 

As a refresher, cryptocurrency is a digital currency, like Bitcoin or Ethereum, which operates in a decentralized system. This form of alternative money has become increasingly popular with new types springing up and again promising the potential for investors to make millions. 

During the 2022 Super Bowl, actor Matt Damon was famously featured in an advertisement for Crypto.com, where he delivered a rousing speech about innovation and risk before declaring that "fortune favors the brave." The placement felt nonsensical, given, as one Twitter user put it, Damon "bought a zoo im not taking any financial advice from him" — which referenced the actor's often mocked, most blatant career mistake, the film "We Bought a Zoo." The rallying ad seems reminiscent of the monorail episode of "The Simpsons," as the early glitz and promise of crypto fades. Both the website and crypto as a whole have since seen a steep decline since it aired.

To add insult to injury, in 2022 the trading platform was embroiled in a legal case in Australia involving a missing $10.5 million AUD (about $7 million USD). Crypto.com, which operates as Foris GFS in Australia, blundered when processing a simple transaction. The case began in December 2021, when a Melbourne woman filed for a $100 AUD refund from the website.

Instead, Thevamanogari Manivel was accidentally transferred millions of dollars. While the sudden influx was probably pretty noticeable to Manivel, Crypto.com didn't even notice the loss until seven months later. Manivel, however, wasted no time in spending her newly found riches. 

She transferred a part of the sum into the name of her sister, Thilagavathy Gangadory, who lives in Malaysia. Manivel then spent approximately $1.35 million AUD (about $912,000 USD) on a four-bedroom mansion in Craigieburn in Melbourne. In January 2022, the sales and property management company, Barry Plant Gladstone Park posted about the home. Along with photos of the black, white and gold interiors, the realtors wrote, "indudge your passion for the good life savoring generosity of design and glamourous finishes; this exceptional five-bedroom, four bathroom beauty sets new standards in family living." However, Manivel wouldn't have this dream home for long. 

In May 2022, the Victorian supreme court granted a freeze on Manivel’s Commonwealth Bank account. Given attempts to serve her had been unsuccessful and Manivel’s only response had been that she was seeking legal counsel, a default judgment was awarded to Crypto.com. Manivel was ordered to sell the million-dollar mansion as soon as possible. The money would be returned to Crypto.com, including the interest, which amounted to $27,369.64 AUD (approximately $18,486.55 USD) and cost. 

Despite this incredibly public blunder and the market downturn, Crypto.com and its enthusiasts still tote the success of the system. In Australia prior to the scandal, the company had just signed several partnership contracts, including those with the sports leagues, AFL and the AFWL. They maintain that these relationships “will continue to play a crucial role in our mission to accelerate the world’s transition to cryptocurrency." However, maybe they're better off just betting on a soccer match the old-fashioned way. 

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What would you do with that much money? Let us know — and be sure to pass this article on to friends, family and any cryptocurrency fans!