Crypto.com Blunder: 10 Million and 209 Days in Prison, would you do it?

Crypto.com Blunder: 10 Million and 209 Days in Prison, would you do it?

Crypto Currency is a sector that is fraught with sequences of events that sometimes leave the mind absolutely boggled. Much of it is like the wild west, tread cautiously as there are a ruleless society of institutions with a heap of cash floating around everywhere, so much so that everyone is trying to make it rich off the right gamble.

Sometimes you don't even have to gamble to win which is what happened to Crypto.com last year as it made a costly mistake having deposited 10 Million dollars by error in to an Australian Bank account. It wasn't an error of getting the account details wrong but more so a Crypto.com staffer added a little too many zeros to the amount that was supposed to be refunded to an account holders bank.

The transfer was in relation to issues that had sprung up around identification and bank account ownership as the registered account didn't pass the Know Your Customer (KYC) checks and balances and the person who registered the account was contacted and informed that Crypto.com would be returning the funds and to correct the account details.

Multi Million Dollar Mistake

Turns out Jatinder Singh used his than girl friends bank account to register for a Crypto.com trading account transferring AUD100 to the platform to commence trading. The platform quickly picked up that it wasn't his bank account and refunded the money with a few additional zeros.

When Thevamangari Manivel saw 10 Million in her account she asked her partner what it was from and he told her that he had won the money and asked her to transfer it to a joint account. She claims to not have been aware of what occurred but as she believed it was his money did as instructed.

However, she had plans to bring her children to Australia so transferred a few rounds for 2 Million to family and friends in Malaysia. She had been contacted on a number of occasions by the bank to refund the money but it had already been transferred and she decided to make a quick one way trip from Australia back to Malaysia. She was arrested at the Airport with 11,000 in cash awaiting to board her flight out of Australia.

This all occurred last year in 2022 while everyone has been anxious to see how she would fair and the outcome of the case seeing it was Crypto.com's error and although she didn't know about it, how would she fair?

209 days for 10 Million

This is where things get interesting considering the amount of money that was deposited and what transpired, currently there is no indication the funds have been returned and the money that has been transferred to Malaysia are unlikely to have any joint national policies or arrangements for law enforcement to have to work together. So chances are that cash ain't coming back.

The couple also went on a spending spree so while assets can be reclaimed a lot of it was spent on depreciating assets, imagine buying Gold with it back then as it has increased a fair bit. Would have been win win for everyone and no jail sentences.

Her partner is yet to face trial but for her role in the scandal she has been sentenced to 209 days in prison and 200 community services hours which when you consider the level of money they have received it would be impossible for any average human nor a disability and aged care worker as her to earn that amount of cash in that time.

No doubt her partner will most likely wear the brunt of the jail term which will be an interesting case which is planned to be heard next month.

Would you take 10Million and spend 209 days in prison?

Which got me thinking, given all the above and mindful we're still awaiting the partners sentencing, spending 209 days in prison for 10 Million dollars is probably a good trade so long as I got to keep the 10 Million.

What are your thoughts on the matter? would you take that deal or is a clean record something you would want to maintain for the rest of your life? I believe we would be able to find people who would accept less money than that for that many days in prison.

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