Crypto sues a woman after she accidentally sent $7.1 million

It took seven months to Matt Damon – Support Crypto.com understands that it mistakenly sent A$10.5 million (about $7.1 million at today’s exchange rate) to a woman in Australia, instead of getting the A$100 refund she requested. Now, the cryptocurrency exchange is going after Melbourne-based Thevamanogari Manivel and its sister Thilagavathy. Gangadori, to get her money back – along with 10% interest and legal fees.

Court documents Explain that in May 2021, an employee of the Singapore-based trading platform mistakenly entered an account number in the Payment Amount field. Crypto.com realized that it had mistakenly sent Manivel millions of dollars in December 2021 when it was conducting a routine audit.

Manivel has spent about A$1.35 million in windfall profits on the property, according to the filing.

While cryptocurrency transactions cannot be reversed, centralized platforms can theoretically reverse payments in cases of fraud or error. But in this case, the company didn’t discover the error until seven months later, after some of the money had been moved or spent. The company convinced authorities to freeze Manneville’s bank account in February, but has already transferred the money to other defendants named in the case, according to the filing.

The judge ruled in favor of Crypto.com, and the case returned to court in October where the judge will determine the next steps in the case.

The lawsuit comes at a difficult time for the platform. in June, The company laid off 260 employeesor 5% of its workforce, and has He reportedly underwent a second round of severe cutsCrypto companies across the board are looking for ways to cut costs as investors rotate to riskier assets, driving down trading volumes.

Both Bitcoin and Ether are down more than 58% this year, while the broader The crypto market has fallen below a trillion dollarsdown from $3 trillion at its peak in November 2021.

Meanwhile, Crypto.com is facing some huge ongoing payments, including $700 million multi-year naming rights deal To the Staples Center in Los Angeles, where the Lakers and WNBA’s Sparks are.

“As the matter is before the courts, we cannot comment,” Crypto.com told CNBC in an email.