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Message
Cyrpto.com mistakenly refunded a woman $10.35 million didn't realize for 7 months
Posted on 8/31/22 at 5:43 pm
Posted on 8/31/22 at 5:43 pm
quote:
"Instead of refunding $100.00 as intended, $10,474,143.00 was erroneously transferred,"
The transaction sent to a woman in Australia went unnoticed for more than seven months before a company audit revealed the error on Dec. 23, 2021,
meant to type 100 and instead typed 10474143, easy mistake
quote:
After the transfer, she bought a $1.35 million house in Melbourne, the company claimed in the judgment.
About a month prior, in February, the judgment continues, she transferred $430,000 to her daughter, Raveena Vijian, the documents continue.
According to the judgment, she then transferred the ownership of the house to her sister Thilagavathy Gangadory who lives in Malaysia.
Australian dollars
11
Posted on 8/31/22 at 6:02 pm to TigerintheNO
I know that the standard TD response is "bet it all on black" or "hookers and blow", but... if one were to take this money and put it into a high interest savings account for the 7 months, would the company be able to come after the interest? At 2% interest, that would be ~$200k (I don't feel like doing the proper math) in this case, which can buy plenty of hookers and blow.
Posted on 8/31/22 at 6:42 pm to TigerintheNO
quote:What a dumbass good luck paying that back
After the transfer, she bought a $1.35 million house in Melbourne, the company claimed in the judgment.
Posted on 8/31/22 at 6:56 pm to THRILLHO
quote:
f one were to take this money and put it into a high interest savings account for the 7 months, would the company be able to come after the interest?
Not that I agree at all with what she did (knowing full well that this wasn’t her money and taking obvious steps to make it more difficult to recover), but that’s a great question. Maybe one of our resident attorneys would chime in and give a legal opinion. Can they claw back any gains or profits she made while holding their funds?
ETA: Maybe I should have read the complete article.
quote:
Friday's default judgment ordered Gangadory to pay Crypto.com $1.35 million, sell the property, and pay interest of just over $27,000
But still… what about the rest???
This post was edited on 8/31/22 at 7:01 pm
Posted on 8/31/22 at 7:25 pm to Jag_Warrior
In TX, this is disgorgement or unjust enrichment. Any profits from illicit gains can absolutely be crawled back.
Posted on 8/31/22 at 7:25 pm to THRILLHO
What kind of high interest savings account gives you that kind of return in seven months? The mafia?
Posted on 8/31/22 at 7:29 pm to Eurocat
Exactly 
I'd imagine any gains in this hypothetical would go back to the company
I'd imagine any gains in this hypothetical would go back to the company
Posted on 8/31/22 at 7:49 pm to TigerintheNO
She should have bought BTC moved countries and peaced out.
This post was edited on 8/31/22 at 7:50 pm
Posted on 8/31/22 at 8:06 pm to TigerintheNO
$7M isn't what it used to be, but damn, I would be real tempted to just chalk it up to the universe trying to tell me something, withdraw every bit of it and move to a nice island in southeast Asia.
Posted on 8/31/22 at 8:35 pm to Eurocat
quote:
What kind of high interest savings account gives you that kind of return in seven months? The mafia?
I think he was just spitballing an estimate. But with higher interest rates on savings in Australia, he’s roughly in the ballpark on over $10.3 million.
Posted on 8/31/22 at 8:40 pm to Hou_Lawyer
quote:
In TX, this is disgorgement or unjust enrichment. Any profits from illicit gains can absolutely be crawled back.
Thanks. That judgement seems really odd (low), especially for a default judgment. When I used to do my own evictions, I was usually awarded everything short of their first born if they didn’t show up and I got a default judgment. Maybe the land down under is different.
Posted on 8/31/22 at 9:11 pm to TigerintheNO
How stupid do you have to be to not inform the exchange of the error? They're not just going to eat $10 million. She has to pay that back.
Posted on 8/31/22 at 9:24 pm to TigerintheNO
Amazing that crypto.com didn't notice for 7 months. Obviously they are digging in couch cushions for money right now as they head towards oblivion
Posted on 8/31/22 at 10:58 pm to TigerintheNO
I don't know why people don't think they'll get caught. This seems to happen often too, between bank errors and PPP loans people really seem to lose their mind when it comes to money and they can barely think 5 seconds ahead.
Posted on 9/1/22 at 8:22 am to tiggerthetooth
quote:
I don't know why people don't think they'll get caught. This seems to happen often too, between bank errors and PPP loans people really seem to lose their mind when it comes to money and they can barely think 5 seconds ahead.
I think it's subconscious, but I imagine it's usually an "it's better to be king for a day than a beggar for a lifetime" mentality. That woman will never, ever in her life be able to buy a $1M house. She'll likely never stay anywhere nicer than a middle of the road hotel. But for seven months? She got to live a dream. She bought and lived in a million dollar home, likely threw parties, tossed around expensive food and alcohol, and just lived life the way she believes "those rich people" live.
And to a lot of people, living that dream for a short time is worth whatever pain is coming down the pike.
Posted on 9/1/22 at 8:33 am to Joshjrn
quote:
But for seven months? She got to live a dream.
She stole millions. In a pure nihilistic/materialistic sense it was a "dream", but I couldn't relax if I knew the authorities would be breaking down my door at any point. It's a house of cards, a fraud. Money earned is far sweeter than money stolen.
Posted on 9/1/22 at 8:50 am to UltimaParadox
quote:
Amazing that crypto.com didn't notice for 7 months.
I can only imagine how shitty their controls are to not catch an error that enormous before it occurs, and then also not even notice it for seven months afterward. I don't know how that's even possible, quite honestly.
Posted on 9/1/22 at 9:06 am to tiggerthetooth
quote:
She stole millions. In a pure nihilistic/materialistic sense it was a "dream", but I couldn't relax if I knew the authorities would be breaking down my door at any point. It's a house of cards, a fraud. Money earned is far sweeter than money stolen.
I imagine you have a lot more to lose than the chick making $100 bets on crypto. But I’m sure she would get a kick out of those sweet platitudes, though
Posted on 9/1/22 at 9:19 am to TigerintheNO
quote:
After the transfer, she bought a $1.35 million house in Melbourne, the company claimed in the judgment.
About a month prior, in February, the judgment continues, she transferred $430,000 to her daughter, Raveena Vijian, the documents continue.
Well, there goes that whole "untraceable" aspect of crypto.
Posted on 9/1/22 at 9:38 am to TigerintheNO
not sure how Australian laws work, but in America she can keep the money. There have been similar lawsuits in the past by employers and banks that accidentally transferred too much money into people's accounts. Courts have consistently ruled they may keep the money.
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