Accidentally Transferred $10.5M to Its Australian Customer Accidentally Transferred $10.5M to Its Australian Customer

It seems that will get its millions back., a Singapore-based crypto exchange, has reportedly transferred $10.5 million to its Australian user while attempting to refund the person $100

According to the news report shared by an Australian news outlet 7News, in May of 2021, a significant amount of money was transferred to Manivel Thevamanogari's bank account after an employee made a mistake while executing the refund

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The employee has allegedly typed an account number in the space provided for the amount of money to be transferred. What is more interesting about this situation is that the company hasn't noticed this mistake until December of 2021

After discovering the error during the annual audit, requested a woman to return those funds. However, after the woman ignored this request, filed a lawsuit to the Victoria Supreme Court to recover its $10.5 million

During the court proceedings, the company discovered that in May of 2021, Manivel Thevamanogari had transferred $10,1 million into a joint account with her sister Gangadory Thevamanogari and $400,000 into another account. 

Later in February of 2022, the funds were retrieved from two accounts to purchase a five-bedroom $1.35M house in Craigieburn

According to the Australian news outlet, the crypto exchange has won part of its legal battle in the Victoria Supreme Court. The court ordered a woman to sell the house and return money to It is noted that further proceedings will take place in October. 

Despite this event, is actively spreading its wings across the global crypto market. At the beginning of June, the company received Dubai Virtual Assets Regulatory Authority’s (VARA) approval to provide its services in the country. Moreover, on June 22nd, the company was approved by the Monetary Authority of Singapore (MAS). 

During July and August, received regulatory approvals from authorities in Italy, Cyprus, and the United Kingdom. Moreover, the company has purchased two South Korean crypto firms and acquired the right to provide its services in the country. 

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree