Last year, cryptocurrency exchange Crypto.com accidentally transferred more than $10 million to Thevamanogari Manivel, who was arrested and spent 209 days in custody, accused of theft before facing trial, and has now been sentenced in Australia. The company has stated that it has implemented changes to its internal processes to improve security and compliance.
In a current development, the person who mistakenly received a staggering sum of $10 million from cryptocurrency platform Crypto.com, Thevamanogari Manivel, has been sentenced on theft charges in Australia, according to The Guardian.
It is very difficult to ignore that such an incident has generated a debate on the moral and ethical dimensions for both Crypto.com and the accused. Following is an explanation of how this surprising story unfolded, as well as its implications.
Crypto.com’s $10 Million Mistake Takes Toll One Year Later
More than a year ago, Crypto.com made a serious mistake by accidentally transferring more than $10 million to Thevamanogari Manivel, a 41-year-old disability support worker in Australia. However, this colossal lapse went unnoticed for months until a routine audit revealed it. This incident became a financial scandal that attracted worldwide attention.
Manivel’s life took an unexpected turn when she left Malaysia in 2015 to escape a controlling relationship. Her goal was to create a stable life in Australia and eventually bring her three children to be educated in the country. To achieve this, she worked tirelessly in various jobs, including motel cleaner, supermarket cashier, and caregiver for people with disabilities.
Additionally, she pursued additional education, earning a certificate in elder care and pathology. In 2020, he met Jatinder Singh, who became her partner and had an interest in cryptocurrency investment.
Crypto.com Transfer Was Due to “An Error” in an Excel Sheet
The error that led to the transfer of $10 million was due to a mistake in an Excel spreadsheet by a Crypto.com worker in Bulgaria. What should have been a refund of $100 turned into a staggering transfer of $10.47 million to Manivel’s account.
Singh noticed the overpayment the next day and encouraged Manivel to transfer the majority of the funds to a joint account at Westpac.
The story took an even more intriguing turn when a Crypto.com audit in December 2021 finally revealed the error. The company began efforts to recover the funds, involving the Commonwealth Bank in the process.
The bank tried to contact Manivel in January 2022 to resolve the situation, but she, thinking they were scam attempts, did not respond adequately.
Manivel Found Guilty of Cryptocurrency Theft
From Crypto.com’s perspective, the initial error raises questions about responsibility and integrity in digital asset management. The company has stated that it has implemented changes to its internal processes to improve security and compliance, but this incident highlights the need for more rigorous oversight and prevention of costly mistakes.
As for Manivel, her initial response to the bank’s contact and her handling of funds after the mistake raise ethical questions. Although the money was received unintentionally, her decision to continue using the funds acquired by mistake to acquire goods becomes a matter of liability, hence the law is attributing fraud to her in this case.
Ultimately, this case illustrates how mistakes in the cryptocurrency world can have significant legal and ethical consequences. Both companies and individuals must be aware of the moral implications of their actions in the context of a constantly evolving financial market.
By Audy Castaneda