Crypto.com mistakenly issued a customer A$10.5 million ($7.2 million)

Rikafip

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Quote from: talkoncrypto Official on September 14, 2022, 02:48:21 AM

1) Do you believe its a genuine mistake

Yes. Its not the first time something like this happened as I've heard cases of banks that did exactly this type of mistake. Interestingly, people involved usually tried to spend the money, like bank didn't have their info and tools to get that money back.

Quote from: talkoncrypto Official on September 14, 2022, 02:48:21 AM

2) Are Centralized Exchanges finding newer ways to dupe money, laundering or diverting to other sources

They are probably doing that all the time, but I don't think that's the case here.

Quote from: talkoncrypto Official on September 14, 2022, 02:48:21 AM

3) Do you think if you would have received such amount , you would have kept in the same exchange and waiting for them to realize and recover the remaining funds

I for sure wouldn't try to use that money to buy the house, like person in this case did because I am well aware of consequences of such actions.

Quote from: talkoncrypto Official on September 14, 2022, 02:48:21 AM

4) These exchanges are doing so , because they somehow know people don't have much options and people don't try P2P Exchanges

Doing what exactly?

coin-investor

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Quote from: Darker45 on September 14, 2022, 05:06:38 AM

It could be a genuine mistake. But it makes me wonder why such a small amount won't have to be automated. Crypto.com is a huge platform handling more than a billion USD in daily transactions. It reflects how inefficient their system is if a mere $68 transaction will have to be manually done. And don't they also double-check?

They should automate it by now, humans are prone to error and this could possibly happen again if they left it to humans, if they want to retain using humans then they should have at least three staff or personnel double checking the input

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It's pointless to run away with the money when your account is complete with your personal information. You'd only bring yourself into a bigger trouble. Everything would be taken back from you, anyway. It's better to report it right away and possibly receive a reward.

That's the right thing to do to report it, she is so ignorant to think that the exchange cannot trace this and they will not get the huge amount back, now she is in deep water

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The court has also ordered Manivel to sell the home and return the money (with interest) to the exchange.

People should realize that there is such a thing as daily, weekly and monthly, and yearly auditing and with all these auditings they can trace the missing amount, there is no legal defense on what she did.

talkoncrypto Official

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Quote from: wiss19 on September 16, 2022, 04:35:53 AM

We cannot tell yet if it's a genuine mistake or not until they investigate it further because it is really questionable on how it take 7 months before they discovered the mistake. It says that some of the money are gone already. Will that also mean that most of the money are still there?

It was a huge money anyway and I think each of us will have a hard time if how we will spend it but I think if the same thing happens to me I will prefer to not withdraw the money because I know that it's not mine but there's only a mistake that happened and once I take it out I know that I will be investigated later on. This will cause me more worries. I don't want to live a life like that.

1) Whats would be your opinion if instead of fiat , it would have been a crypto transfer by mistake

wiss19

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We cannot tell yet if it's a genuine mistake or not until they investigate it further because it is really questionable on how it take 7 months before they discovered the mistake. It says that some of the money are gone already. Will that also mean that most of the money are still there?

It was a huge money anyway and I think each of us will have a hard time if how we will spend it but I think if the same thing happens to me I will prefer to not withdraw the money because I know that it's not mine but there's only a mistake that happened and once I take it out I know that I will be investigated later on. This will cause me more worries. I don't want to live a life like that.

The Cryptovator

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Mistakes could happen when doing manual transactions. So depends on how they handle user's funds. But again, this mistake shouldn't happen on such a big exchange. Whether it's true or not traders will lose faith if users are affected due to these mistakes. But I don't think it's a matter of hurting users BTW.

Pmalek

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I heard about this particular case a while ago. The customer that received the multi-million refund invested (some or all) the money into a new home. Since the money is no longer there, she (I believe it's a female) will have to sell her house or find some other way of repaying what she used. All civilized countries have laws against misusing money that doesn't belong to you. She can consider herself lucky if she avoids going to prison.

mk4

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Quote from: talkoncrypto Official on September 14, 2022, 02:48:21 AM

2) Are Centralized Exchanges finding newer ways to dupe money, laundering or diverting to other sources

I seriously wouldn't over analyze it — as sometimes people can simply just be dumb. Now, I'd be worried if Crypto.com suddenly became insolvent because of it, but I totally doubt it would be the case. It's not like they disabled withdrawals for months end or something.

Bitstar_coin

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Since this is manually done it is very likely to make a mistake but not noticing such a big error after 7months is very surprising. Don't they have something like balance sheet or audit section that review that account for any irregularities!

I think this huge oversight shows they don't pay more attention to details and I bet the customer didn't immediately start spending the money until after waited for several weeks for the banks response and nothing happened.

nc50lc

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Quote from: talkoncrypto Official on September 14, 2022, 05:41:36 AM

Quote from: nc50lc on September 14, 2022, 04:12:20 AM

-snip-

Sir , First of all 7.8 Million is a huge amount , and if a seasoned exchange is not bothered or ignored such a transaction is hard to believe, moreover , even if its a fiat then also the person who would have received will wait for 7 months for the exchange to reclaim its money,

I don't think you get my point, I didn't even said that they should ignore it.

Question 2 is about the possibility of the exchange "duping" money, while the funds are most likely refunded back to her bank instead to the exchange.
Because I don't think sending millions to undisclosed affiliated persons' bank accounts which can be easily tracked by the authorities is a good idea to launder money.

Question 3 will not make sense if the refund was sent to her bank account since it's already out of the exchange.

Question 4, I don't get what's being asked in Question 4.

BTW, the reference should be in the OP since without it, your post may be considered as plagiarism.

NeuroticFish

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Quote from: ?? on ??

moreover who is at fault , the receiver or the exchange who made this mistake and realizing after months, as the complete news suggest that exchange is dragging him to court to reclaim the amount ..

From what I know in pretty much all countries' legislation, if one is spending money not earned by him (like for example transferred to him by mistake) is assimilated to stealing.
So the customer must have been complying, at very least at the moment crypto.com noticed the money is missing, and transfer back the extra funds. If he/she would have been doing this (very) early, may have been receiving a "finder's fee" or at least a "thank you". Now the lawsuit is pretty much normal.

talkoncrypto Official

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Quote from: nc50lc on September 14, 2022, 04:12:20 AM

Quote from: talkoncrypto Official on September 14, 2022, 02:48:21 AM

Due to an unfortunate typo, cryptocurrency exchange Crypto.com mistakenly issued a customer A$10.5 million ($7.2 million) rather than the expected A$100 ($68), media reports say.
-snip-
Any other point apart from these, feel free to share your opinion and lets get other enlightened..

Unlike in your other posts, you forgot to add the source this time.

The original article (google search) stated that it's for a refund and most likely talking about refunded fiat funds to her bank account so Q2~4 are implausible.
For Q1, it could be since refunds are usually done by hand so a typo can occur.

BTW, those google search results are the same article fetched from "IANS", they most likely have republishing rights (do you have?)

Sir , First of all 7.8 Million is a huge amount , and if a seasoned exchange is not bothered or ignored such a transaction is hard to believe, moreover , even if its a fiat then also the person who would have received will wait for 7 months for the exchange to reclaim its money, For the reference https://economictimes.indiatimes.com/markets/cryptocurrency/crypto-com-accidentally-refunds-over-7-million-to-customer-owed-68/articleshow/93920407.cms

Quote from: NeuroticFish on September 14, 2022, 05:18:21 AM

First of all, this is old news (2 weeks old?) and I guess that it has been already discussed (but a quick search didn't yield anything, maybe I've used wrong terms).

Second, more on-topic: a more interesting fact is not that they've made such a mistake, it can happens (it has happened to banks too iirc). The interesting fact is that they've noticed only 7 months later.
This would mean either their accountancy is a wonderfully missing thing, either they have such huge pile of money that $7M missing can go unnoticed this easy.

Thats what my point is , that a billion dollar exchange, transferred approx 8M , and it went unnoticed for nearly 7 months, moreover who is at fault , the receiver or the exchange who made this mistake and realizing after months, as the complete news suggest that exchange is dragging him to court to reclaim the amount ..

[moderator's note: consecutive posts merged]

NeuroticFish

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First of all, this is old news (2 weeks old?) and I guess that it has been already discussed (but a quick search didn't yield anything, maybe I've used wrong terms).

Second, more on-topic: a more interesting fact is not that they've made such a mistake, it can happens (it has happened to banks too iirc). The interesting fact is that they've noticed only 7 months later.
This would mean either their accountancy is a wonderfully missing thing, either they have such huge pile of money that $7M missing can go unnoticed this easy.

Darker45

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It could be a genuine mistake. But it makes me wonder why such a small amount won't have to be automated. Crypto.com is a huge platform handling more than a billion USD in daily transactions. It reflects how inefficient their system is if a mere $68 transaction will have to be manually done. And don't they also double-check?

It's pointless to run away with the money when your account is complete with your personal information. You'd only bring yourself into a bigger trouble. Everything would be taken back from you, anyway. It's better to report it right away and possibly receive a reward.

nc50lc

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Quote from: talkoncrypto Official on September 14, 2022, 02:48:21 AM

Due to an unfortunate typo, cryptocurrency exchange Crypto.com mistakenly issued a customer A$10.5 million ($7.2 million) rather than the expected A$100 ($68), media reports say.
-snip-
Any other point apart from these, feel free to share your opinion and lets get other enlightened..

Unlike in your other posts, you forgot to add the source this time.

The original article (google search) stated that it's for a refund and most likely talking about refunded fiat funds to her bank account so Q2~4 are implausible.
For Q1, it could be since refunds are usually done by hand so a typo can occur.

BTW, those google search results are the same article fetched from "IANS", they most likely have republishing rights (do you have?)

talkoncrypto Official

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Due to an unfortunate typo, cryptocurrency exchange Crypto.com mistakenly issued a customer A$10.5 million ($7.2 million) rather than the expected A$100 ($68), media reports say.

Seven months later, when the exchange finally discovered the error, but till then some of the money had already gone..

1) Do you believe its a genuine mistake

2) Are Centralized Exchanges finding newer ways to dupe money, laundering or diverting to other sources

3) Do you think if you would have received such amount , you would have kept in the same exchange and waiting for them to realize and recover the remaining funds

4) These exchanges are doing so , because they somehow know people don't have much options and people don't try P2P Exchanges

Any other point apart from these, feel free to share your opinion and lets get other enlightened..

Topic: Crypto.com mistakenly issued a customer A$10.5 million ($7.2 million) (Read 268 times)