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A simple typo resulted in a $10,5 million transfer to a client in Australia, but the company only noticed the error seven months later.
Um error operational that should be a simple refund of US$ 100 has become one of the most notorious failures in the cryptocurrency universe. The platform Crypto.com accidentally transferred the amount of US$ 10,5 million (approximately R$ 50 million) to a client's account in Australia, Thevamanogari Handle. The company, however, only realized the catastrophic failure seven months later, during a routine audit.
In the meantime, the beneficiary and her partner, Jatinder Singh, embarked on a spree of extravagant spending, which included purchase of a luxury mansion, vehicles and the transfer of millions abroad. The case triggered an intense legal battle, culminating in arrests and sentences distinct for the couple, and exposing serious vulnerabilities in the financial controls of a technology giant.
The Single-Digit Catastrophe: How the Error Happened
The origin of this error millionaire wasn't a sophisticated hack, but a frighteningly simple human error. In May 2021, a Crypto.com employee based in Bulgaria was supposed to process a refund of A$100 for Thevamanogari Manivel. As revealed in the court proceedings cited by the The Guardian, the employee accidentally entered the account number client's bank account in the field designated for the payment amount in an Excel spreadsheet. The system, without any security lock, processed the transfer of A$10,47 million.
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Most alarming, however, was the systemic failure that allowed such an anomalous transaction to go through. unnoticed for seven months. The discovery only occurred in December 2021, during a year-end audit. The lack of automatic alerts for transactions of such high values or daily reconciliation processes revealed a dangerous reliance on manual processes and a serious deficiency in the company's internal controls, contrasting with its technologically avant-garde image.
From luck to crime: ostentation and attempted escape
Upon receiving the unexpected fortune, the couple quickly went from surprise to a series of calculated actions. Jatinder Singh claimed to have told Manivel that the money was a prize from a Crypto.com contest, a narrative that, according to the The Guardian, was denied in court by a company representative. The day after the transfer, Singh instructed Manivel to move most of the funds into a joint account, a maneuver to prevent the bank from reversing the transaction.
From then on, they began a spending spree of almost A$6 million, which included the purchase of four houses, between them a $1,35 million mansion in the name of Manivel's sister, resident in Malaysia, works of art, vehicles and the transfer of A$4 million abroadThe turning point came in January 2022, when the bank began contacting them to recover the funds. Ignoring the warnings, they escalated their spending. The saga culminated in March 2022, when, as reported by The Guardian, Crank was arrested at Melbourne airport with A$11.000 in cash and a one-way ticket to Malaysia.
The battle in the courts and the final verdict
Crypto.com filed a civil lawsuit in the Supreme Court of Victoria based on the principle of unjust enrichment and obtained freezing orders for its remaining assets. The court ordered the sale of the mansion to return part of the proceeds to the company. At the same time, the Australian state initiated criminal proceedings, accusing Singh of robbery e Handle for recklessly handling the proceeds of crime, reflecting the perception that he was the main instigator.
The final sentences, detailed by Crypto News Australia, were distinct. Thevamanogari Manivel was sentenced to an 18-month community corrections order, without additional prison time, as the judge considered that his criminal intent became clear only when she was notified of the error and decided to keep spending. Jatinder Singh received a harsher sentence: he was sentenced to three years in prison..
According to Crypto News Australia, the court considered mitigating factors for Singh, such as his “Extremely low” IQ and the fact that he was bullied in prison. However, his continued lack of remorse and insistence on blaming Crypto.com for the error initial evidence weighed against him, justifying the prison sentence. Despite the whole saga, it was confirmed during the trial that Crypto.com managed to recover all of the money.
And you, who do you think bore the greatest responsibility in this case: the employee who made the typo, Crypto.com for its shocking lack of financial controls, or the couple who decided to spend money that wasn't theirs? Share your thoughts in the comments!
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