Man Pleads Guilty to Theft After Crypto.com Refunded Him $6M Instead of $65

[Yamane_Keto]

Centralized exchange Crypto.com accidentally refunded a man $6.8 million (approximately $10.47 million Australian dollars) instead of $65. He then withdrew and spent the money. Now, three years later, he pled guilty alongside his partner for theft of $4.42 million, as reported by NewsWire.

Jatinder Singh tried to deposit $65 into his Crypto.com account back in May 2021 using his partner’s bank account. Due to the name discrepancy between the exchange and bank account, Crypto.com rejected the deposit.

Instead of simply refunding the $65 to his bank account, the exchange employee made a “significant account mistake” and typed in the account number of Singh’s partner—resulting in a refund of $4.42 million.

A woman received $10.5 million in an accidental transaction from popular cryptocurrency platform Crypto.com—and then allegedly spent it on a luxury home, according to reports.  Two sisters in Melbourne, Australia, are now being chased by the courts after going on a spending spree with the cash, 7NEWS reported Tuesday. A Crypto.com representative confirmed to Decrypt that the matter is currently “before the courts” but would not comment further. Crypto.com Expands Into South Korea Via Two New Acq...

It is not the first time that Crypto.com has sent money by mistake and if you search the internet you will find similar stories and the problem is that they did not know about the mistake until months and years had passed, I do not know why they continue to repeat such actions.

[Charles-Tim]

I read about one few years ago about a couple that said they thought the money was a reward or something. If something like this is common to Crypto.com, it can be a means of publicity for them. Maybe they are sending the money intentionally so that people can see it on news to know about the exchange.

[Zed0X]

I really didn't buy the send by mistake (in millions!) excuse but might as well let it pass since the courts are handling it. Anyway, it was stupid for a platform that size to not have anyone check/verify before the transaction is finally sent. It was poor management.

[dkbit98]

If the same thing happens to one company like Crypto.com than they clearly have some stupid system and not very smart people working for them.
What I don't understand is how they didn't notice this stupid mistake for so long, and how they let people spend all that money.

[Yamane_Keto]

I read about one few years ago about a couple that said they thought the money was a reward or something. If something like this is common to Crypto.com, it can be a means of publicity for them. Maybe they are sending the money intentionally so that people can see it on news to know about the exchange.

If that's their way of advertising their services, it's weird to advertise that your withdrawal service is stupid or that you have a bad accounting team that is missing millions years later.

I really didn't buy the send by mistake (in millions!) excuse but might as well let it pass since the courts are handling it. Anyway, it was stupid for a platform that size to not have anyone check/verify before the transaction is finally sent. It was poor management.

One story was of an elderly lady who thought she had made millions of dollars trading Bitcoin.

[Rikafip]

I really didn't buy the send by mistake (in millions!) excuse but might as well let it pass since the courts are handling it. Anyway, it was stupid for a platform that size to not have anyone check/verify before the transaction is finally sent. It was poor management.

Its not the first time something like this has happened as I heard the stories about banks doing something similar and people behaving in the exactly the same (spending it) instead of reproting and then getting themselves into the trouble.

Anyway, it was stupid for a platform that size to not have anyone check/verify before the transaction is finally sent. It was poor management.

They probably do have, but mistakes happen.

[target]

Its a huge money I think anyone whi has a hard life since 2020 would be tempted to keep the amount to spoil themselves. If he was finding a way to get away with it, he woukd have changed their names and so on.

He knows time will come that he had to pay for it. I think they just have to think of it like the family took a loan.

But how come its a theft?
It landed in his account, if he hired a good lawyer, it will be a battle of good lawyers.