The post Couple $10 Million Received Mistake Crypto.com Faces Jail Time appeared on BitcoinEthereumNews.com.

A couple who received $10 Million by mistake from Crypto.com crypto exchange and kept it to themselves to serve jail time. Dishonesty brings consequences. A couple proved this phrase when they received money by mistake and kept it to themselves.  Their action led them to serve jail time. A major error from Crypto.com crypto exchange resulted in refunding $10 Million instead of $100. The incident began in May 2021 when Jatinder Singh tried to deposit $100 into his Crypto.com account using his partner’s bank account.  An employee of the exchange in Bulgaria made a significant mistake, leading to a $10.47 million refund to Singh’s partner, Thevamanogari Manivel, due to discrepancies between the names on the accounts causing the initial deposit rejection. Crypto.com Discovered The Mistake The mistake was undiscovered until December 2021. During an internal audit by the exchange, the company noticed a large amount of money was missing. By this time, Singh and Manivel had already spent a significant portion of the money.  They bought two homes, two blocks of land in Melbourne, and even gifted $1 million to a friend. Singh initially claimed he believed they had won an online raffle. Actions Taken and Arrests Crypto.com realized the mistake and contacted the Commonwealth Bank, which informed Manivel that she needed to return the money.  Manivel, believing it was a scam, transferred $4 million to her Malaysian bank account. In March 2022, police arrested her at Melbourne airport while she tried to board a one-way flight to Malaysia with $11,000 in cash. Court Proceedings Singh pleaded guilty to the theft of $6.09 million and appeared in the Victorian County Court for a presentence hearing. His lawyer argued that Singh did not fully understand the seriousness of his actions at the time.  He remained unaware that the funds came from…

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Filed under: News - @ August 3, 2024 6:16 pm