Crypto.com Gave a Woman a $10.5 Million Refund and Now They Wants It Back

in LeoFinance2 years ago

bankrefundscam2.webp
source

In crypto if you send money to the wrong address it's gone. This space is all about personally responsibility. So what would you do if a company accidentally sent you millions in dollars? Well, Crypto.com has made an extremely expensive whoopsie last year after a woman living in Melbourne, Australia asked the company for a refund. Instead of a mere AUD$100, she got 100,000X that!

Thevamanogari Manivel got the company to process a $100 AUD refund, but supposedly an employee put in the user’s account number in the payment section of the application the company uses for refunds, transferring a whopping $10.5 million into the woman’s account. If it were the other way around and Manivel sent 10 million to the wrong place I bet she would have a very hard time getting it back. So why is it that companies get the benefit of the doubt. it took seven months for the cryptocurrency exchange platform to discover its error. By that point, the transfer error could not be reversed, and some of the money had allegedly already been spent. Last Friday, Justice James Elliott, issued a default judgment in the case. Crypto.com wants the court to force the sisters to give up the house they bought and return the money, plus any profits from the sale and legal fees.

The devil is in the details for me in this case. If they send AUD then I think they should return the money. If they sent crypto I think this should be a lesson they learn since this is one of the major security factors that crypto offers. The reason I say this is because that's how we are held accountable. If i send crypto to the wrong address or person I'm not getting a refund. If I send money through a bank and it goes into the wrong account or wrong person there are protections that exist.

Just remember this friendly reminder form Coinbase

Due to the irreversible nature of cryptocurrency protocols, transactions can't be cancelled or reversed once initiated. If you sent funds to the wrong address, you'll need to contact the receiving party and ask for their cooperation in returning the funds. If you do not know the owner of the address, there are no possible actions you can take to retrieve the funds. Because of this, it is essential to exercise caution when sending and make sure the address you are sending to is an exact match of the recipient's address.
source

Posted Using LeoFinance Beta

Sort:  

Amazing. What if she 'lost' her private key? I have no sympathy for the big corporations. I hope she'll find a way to keep it, she can afford a good lawyer now at least.

The double standards are real I hope she gets to keep it too!

That's a very big error. And only just discovered it. Shows you that the employee only work for a salary, a massive mistake but not even bother to check it !

Mistakes happen but in crypto it's mostly the owners fault. That is why crypto existence to make it so it's the individual responsibility a bank. That's how we cut out the middle man.

If they want it back it means they need it. I have serious doubts about Crypto's financial stability, specially because they spend wya too much on ads, like "what are you trying to compensate for dude?"

scary to think about if they actually need the money. I think there is so much FUD right now.

When you made a mistake, it's your fault
When they made a mistake, it's your fault

Facts, that's the worst part.

Should the woman really be blamed

Posted Using LeoFinance Beta

Nope it's their fault. Hopefully it's a not your keys siltation.

You received an upvote of 43% from Precious the Silver Mermaid!

Please remember to contribute great content to the #SilverGoldStackers tag to create another Precious Gem.

I saw that but I kind of expected them to ask for it back. It always goes in one direction and the same thing happens when a bank gives you too much money. You will have to pay it back and they have to be very careful with these things.

Posted Using LeoFinance Beta

Banks are part of the traditional system. That why they get to charge you fees. Crypto cuts the red tape and there are benefits and risk to do so.