Accidental $6.8 Million Refund Turns into Theft of $4.42 Million 💸
Imagine making a small deposit of $65 into your crypto account and receiving a whopping $6.8 million refund instead. This incredible but unfortunate incident happened to Jatinder Singh, who, along with his partner, ended up on the wrong side of the law after spending the money mistakenly refunded by Crypto.com. Here’s how the innocent $65 transaction turned into a multi-million-dollar theft.
The Deposit Error That Changed Everything 🔄
– Jatinder Singh attempted to deposit $65 into his Crypto.com account using his partner’s bank account.
– Due to a name discrepancy, the deposit was rejected by Crypto.com.
– Instead of refunding the $65, an employee made a significant mistake by refunding $4.42 million to Singh’s partner’s account.
History of Mistakes at Crypto.com 🏦
– Crypto.com previously sent money to the wrong address, resulting in other financial mix-ups.
– In one instance, a woman received $10.5 million instead of $100 and went on a spending spree.
– Another incident involved $400 million worth of Ethereum sent to the wrong address.
The Discovery of the Error and Consequences ⚖️
– Seven months passed before Crypto.com discovered the $4.42 million refund mistake during an internal audit.
– Singh and his partner had already spent a significant amount of the money.
– They purchased property in Melbourne, Australia, and gifted a friend $650,000.
– Prosecutor Campbell Thomson shared Singh’s reasoning and subsequent actions.
Repercussions of the Mistake 🚔
– Commonwealth Bank was contacted to rectify the error and recover the funds.
– Manivel was arrested while attempting to flee the country, and legal actions were taken against the couple.
– Singh pleaded guilty to the theft charges, awaiting sentencing, while Manivel received a prison sentence and a community corrections order.
Hot Take: Lessons Learned from a Costly Mistake 💡
Always double-check your transactions in the crypto world, as mistakes can have severe consequences. Trusting unexpected windfalls without verifying their legitimacy can lead to legal trouble and financial loss. Stay vigilant and ensure that every transaction is accurate to avoid being caught up in a costly error.
**Sources:**
– [NewsWire Article](https://au.news.yahoo.com/man-given-10m-crypto-bungle-043425891.html?guccounter=1)
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