A cryptocurrency trading platform, Crypto.com has confirmed that it accidentally transferred $10.5 million to an Australian woman while processing a $100 refund of a failed transaction. The company which recently paid Hollywood star Matt Damon to feature in a Super Bowl commercial with the slogan “fortune favours the brave” discovered it had accidentally transferred $10.5 million to Thevamanogari Manivel from Melbourne Australia in December 2021. The error was discovered almost seven months after the transfer was completed.
Crypto.com, which operates as Foris GFS in Australia, confirmed it had paid out $10.5m instead of a $100 refund after Manivel’s account number was accidentally entered into the payment amount field.
The company later launched a legal action in the Victorian supreme court this year, and in February was granted a freeze on Manivel’s Commonwealth Bank account, however by this time most of the money had been transferred to other accounts which were also later frozen.
The court heard that $1.35m of the money had been used to buy a four-bedroom home in Craigieburn in north Melbourne in February, and the ownership of the property was then transferred into the name of Manivel’s sister, Thilagavathy Gangadory, who lives in Malaysia.
Attempts to serve Gangadory the freezing orders were unsuccessful, as she never responded to emails from Crypto.com’s solicitors. The only communication provided to the court was an email reply to Manivel’s solicitors saying “received, thank you”.
Manivel’s solicitors informed Crypto.com that Gangadory was “seeking legal advice”, the court heard. As a result, a default judgment was awarded to Crypto.com to force Gangadory to sell the property as soon as possible, with the proceeds going to Crypto.com.
Crypto.com has declined to comment on the case whilst still in court proceedings.