Ever since paying 700 million dollars to rename the staples center in Los Angeles and spending a hundred million dollars on not a matt Damon movie but a 30-second Matt Damon commercial for the super bowl, crypto.com have had a rough time.
The native Chronos token is down from 90 cents to just over 10 cents: their crypto.com rewards card dropped the whole reward side of things and now it’s just a normal card and now after seven whole months they’ve Come across a refund accounting error to the degree of 10.5 million dollars, so imagine this you’re a crypto.com customer and you notice a small Customer and you notice a small error on your account, they’ve accidentally overcharged you a hundred dollars on one of your trading fees, so what do you do?
you send them a little email “I’ve been overcharged 100 bucks please refund it” you wait a couple of days, maybe a couple of weeks and you get an email confirming that you’re being refunded your money fantastic, you go to your inbox click on the email from crypto.com just to confirm, and just like that you’re a multi-millionaire, instead of giving you back your dollar refund, crypto.com have made a big error and you have accidentally received $10,474,143
What do you do? Do you email crypto.com notifying them of the error or do you rationalize that they’re a massive company who can afford a hundred million dollars on an ad from Matt Damon and they’ll never notice this 10 million is missing and you probably deserve it anyway.
Well, Miss Manivel, the recipient of this erroneous refund decided that she deserves to keep the money and not just keep it there in the crypto.com account and maybe wait a few years to make sure they don’t know it’s there she decides to withdraw it and share it with their friends and family
Miss Manivel goes full wolf of Wall Street. 10.1 million dollars had already been moved to a different joint account and $430 000 had been transferred to her daughter Ravina, miss Manivel then went on to gift the money to six other people including family members such as her daughter and her sister the largest and most lavish purchase that miss Manivel made was a multi-million dollar mansion in the wonderful suburb of Craigieburn Australia and this is where things may get a little out Control, all these news headlines are saying it’s a multi-million dollar mansion with a gym and then home cinema, when in reality it’s just another average house and what would call another average outer city suburb not exactly the most lavish choice.
Seven months later crypto.com decided to run through some numbers around Christmas time just doing a little accounting and they discovered they were missing 10 million, this makes me ask a question, I wonder what amount they wouldn’t have discovered and gone after, of course if it was a 50-cent error, they’d leave it a $200,000 error maybe they’d leave that as well, maybe they wouldn’t notice so they just don’t know where it went, but 10 million was big enough to chase down legally
How did this occur?
in the first place, how do you send 10 million dollars to someone, well the rumor is that the person in charge of processing the refund accidentally entered miss Manivel’s account number into the dollar amount section of the refund form instead of the $100 that she was supposed to enter
This is where things get interesting and sort of fuzzy is, that Miss Manivel is entitled to this money that was sent to her, it is crypto, after all, if you went and sent a random 1 million dollars to some random bitcoin address you’d have a hard time getting that back, whether that’s logistically or even legally, I mean in 2018 there was a case in Korea where a greek investor accidentally sent a Korean man 200 bitcoin worth $125000, the greek man went on to sue the Korean man and won initially in court but it got appealed and went to the Supreme court and got overruled as the supreme court did not see bitcoin as a property and the relationship between the two parties in the transaction to be insufficient to qualify for misappropriation, the investor was found not guilty of both, meaning he got to keep the 1.25 million dollars that were mistakenly sent to him now unfortunately, miss Manivel decided not to show up for her court date which is probably the biggest mistake you can make because essentially the judge ruled against her because she wasn’t there to defend her side because miss Manivel was not represented in court the judge added that she has not responded to any of the correspondence from crypto.com solicitors and the effect of not filing an appearance is that allegations in the statement of claim are taken to be admitted and now the outcome is still a lot of stories reporting she has to pay different amounts.
What would you do in this situation? Would you pay it back?