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HomeCrypto NewsExchangesCryptoCom Mistakenly Sends $10.5M To Customer Instead of $100, Demands Refund

CryptoCom Mistakenly Sends $10.5M To Customer Instead of $100, Demands Refund

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CryptoCom made a big blunder by transferring million into a customer account, and an even bigger mistake by not knowing what they had done for seven months.


Crypto.com, a prominent Singapore-based cryptocurrency exchange, is looking to recover excess payout to the tune of millions which the firm inadvertently sent to a customer. Recent reports suggest that the digital asset exchange accidentally transferred $10.5M to a woman instead of a planned settlement of $100.

Crypto.com discovered the mistake seven months later

Australian news media outlet Ticker News uncovered the story on Tuesday. According to the report, in May of 2021, a Melbourne-based Crypto_com customer requested a refund of $100 from the exchange. Nonetheless, instead of refunding $100, the exchange transferred $10.5M to the woman.

Apparently, the team in charge of the payout accidentally entered an account number in the space provided for the amount. The firm’s auditing team did not discover the mistake until December of 2021. This gave the woman seven months to cash out the erroneous transfer and spend it on a mansion in Craigieburn—a suburb in Melbourne.

After discovering the error in an audit exercise in December of last year, Crypto.com requested a refund. The firm charged the woman to court to demand the reimbursement of the funds. Discovering that the woman had spent the cash on a mansion, the court asked her to sell off the property. The proceedings from the sale would go into repaying the money.

Crypto.com has been expanding despite the Crypto Winter 

Besides this obvious blunder, CryptoCom has been making massive growth moves in the industry of late. Despite the steadfast Crypto Winter that has crippled several firms, the exchange has recently expanded enormously.

In March, the exchange revealed plans to seal its presence in Dubai by opening a physical office in the Emirate and carrying out a recruitment exercise afterward. Additionally, in June, Crypto.com procured an In-Principle License from Singapore’s central bank, the Monetary Authority of Singapore.

Barely a month after that, the exchange expanded to Italy, as it received regulatory clearance from the country. The approval allowed Crypto.com to offer digital asset services to Italians. Furthermore, just recently, on August 8, Crypto.com announced acquisitions of two local South Korean companies; with these acquisitions, the exchange entered South Korean digital asset markets.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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