Crypto.com’s royal oopsie began in May of 2021, when Melbourne’s Thevamanogari Manivel requested a $100 AUD (approximately $68 USD) refund from the site. As the refund was being processed, an employee accidentally placed Manivel’s account number in the payment amount field. Manivel suddenly found herself in possession of a $10.5 million AUD ($7.18 million USD) refund—and Crypto.com was none the wiser.
At the time, Crypto.com was having the time of its life. Cryptocurrencies were increasingly viewed in a positive light, and more crypto newbies were experimenting with small exchanges on its platform. Crypto.com was so flush with cash that it secured Matt Damon as a spokesperson, bought the naming rights to the stadium where the LA Lakers play, and tacked its logo onto the jerseys and equipment for several professional sports teams. It’s no surprise, then, that the Singapore-based crypto exchange company didn’t realize its $10.5 million blunder until seven months later, after accountants ran their December audit.
What used to be the Staples Center is now the Crypto.com Arena, thanks to some costly decisions Crypto.com made last year. (Photo: Benoît Prieur/Wikimedia Commons)
Now, with cryptocurrency no longer in its heyday and its mistake fully realized, Crypto.com is doing everything it can to get its money back. This is more complicated than it sounds: When Manivel found millions of dollars in her bank account, she transferred it into a separate joint account, then bought a home worth $1.35 million for her sister. Judges with the Supreme Court of Victoria froze Manivel’s bank account back in February, but actually returning the money to Crypto.com is proving to be a bit of a challenge.
So far judges have sided with the exchange company, ordering Manivel to sell the home she purchased and return the funds, plus $27,369.64 in interest and legal costs. Australian news source 7News says no one has been able to reach Manivel’s sister, who clearly benefited from the windfall, and it’s unknown whether Manivel herself has complied with the return order just yet. The court case is expected to resume in October, so it’s looking like she probably hasn’t.
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