Crypto.com Users Get Freedom After Spending $7 Million Wrongly Sent

Key Points:

• A Crypto.com customer sued for squandering $7 million that the exchange mistakenly sent him is now out on bail.
• Prosecutors tried to convince the judge that jail was the only way to ensure Singh would not flee the country but were refused.
• Singh faced a series of theft charges with his wife, Thevamanogari Manivel, but neither pleaded guilty.
• In May 2021, a Bulgari employee of Crypto.com mistakenly deposited $7 million into Jatinder Singh’s account while processing a $100 refund for a customer.

A customer named Jatinder Singh accidentally received $7 million from crypto exchange Crypto.com in 2021, then spent it lavishly, although his whereabouts are still unknown $3.1 million, but he was released on bail, according to Cointelegraph.

On 20 March, in Victoria District Court, prosecutors tried to convince the judge that jail was the only way to ensure Singh would not flee the country. But the judge didn’t think that was enough to put Singh in jail.

Instead, the judge explained that it was enough to confiscate Singh’s Indian passport and prevent him from applying for a new one at the Indian embassy.

“If there is a condition that he not have a passport or he not apply for a passport … how does he manage to flee the country?”

Singh faces a series of theft charges with his wife, Thevamanogari Manivel, the bank account owner where the money was transferred.

Both pleaded not guilty. They claimed that they had legitimately won $7 million through the Crypto.com contest.

After the lawsuit was filed, the Supreme Court of Victoria ruled that the duo must return the money to Crypto.com.

Reportedly, the problem stems from the fact that in May 2021, a Bulgarian employee of Crypto.com mistakenly deposited $7 million into an account while processing a $100 refund to a customer.

Filed a lawsuit to recover damages, $7.3 million was recovered, and the defendants used $3.1 million allegedly lost to buy 4 houses and a car, of which more than $ 2 million was transferred to Malaysia.

Following the collapse of FTX, Crypto.com customers were concerned after CEO Kris Marszalek admitted that his exchange on October 21st had inadvertently deposited 320,000 ETH, about $400 million at the time, to a public address registered at the competitive exchange Gate.io.

Gate.io later returned the slightly reduced amount of 285,000 ETH, about $456 million due to a small ETH rally on October 29. Crypto.com released its own proof of reserve on November 12.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News