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Crypto.com is suing users after refunding $10 million instead of $100
Two sisters in Melbourne reportedly used the mistaken $10 million to buy a luxurious mansion A judge has ordered the property to be sold and the funds returned to Crypto.com Exchange platform Crypto.com is suffering a costly mistake after accidentally refunding an Australian woman a much higher amount than expected. The Melbourne-based woman requested a $100 refund from the exchange in May last year but received $10 million, Daily Mail reported. Crypto.com didn't notice the error until seven months later during an annual audit, according to the outlet. The stock exchange with headquarters…
Crypto.com is suing users after refunding $10 million instead of $100
- Berichten zufolge haben zwei Schwestern in Melbourne die irrtümlichen 10 Millionen Dollar verwendet, um ein luxuriöses Herrenhaus zu kaufen
- Ein Richter hat angeordnet, dass das Eigentum verkauft und die Gelder an Crypto.com zurückgegeben werden
Exchange platform Crypto.com is suffering a costly mistake after accidentally refunding an Australian woman a much larger amount than expected.
The Melbourne-based woman requested a $100 refund from the exchange in May last year but received $10 million, Daily Mail reported.
Crypto.com didn't notice the error until seven months later during an annual audit, according to the outlet.
The Singapore-headquartered exchange legally pursued the user to reclaim the funds, telling the court that the error occurred because an account number was entered into the payment field instead of the original requested amount, the report said.
But by the time Crypto.com realized what had happened, the $10 million had already gone to a multimillion-dollar mansion in the Melbourne suburb of Craigieburn, complete with home theater and gym.
The women don't get off so easily. A judge has now reportedly ordered the sale of their property and the return of the exchange money.
Crypto.com is likely to win in court as it is a well-established company, but this will serve as a cautionary tale for other companies, according to Alexander Tkachenko, CEO of asset tokenization platform VNX.
“While random errors occur on most platforms, this one is too costly to ignore,” he told Blockworks. Crypto.com representatives did not respond to requests for comment by press time.
Crypto.com was founded in Hong Kong in 2016 and has over 50 million active users, according to the company.
The fiasco is reminiscent of a similar event that occurred around the same time last year.
Crypto lender BlockFi mistakenly deposited millions of dollars worth of Bitcoin into a number of user accounts in May 2021, when the asset was trading at around $49,000.
Employees had accidentally processed payments in BTC instead of the stablecoin USDC. In one tweet BlockFi said that some customers who participated in a trading promotion would see inaccurate bonus payments.
CEO Zac Prince told the company sent a “few hundred” in Bitcoin for fewer than 100 users. Reports of legal threats against the recipients later surfaced.
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The post Crypto.com sues users after refunding $10 million instead of $100 is not financial advice.