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re: Cyrpto.com mistakenly refunded a woman $10.35 million didn't realize for 7 months

Posted on 9/1/22 at 10:06 am to
Posted by Palomitz
Miami
Member since Oct 2009
2667 posts
Posted on 9/1/22 at 10:06 am to
Wow, what a major f-up. I would be so tempted to just take the money and gtfo. I would probably just take it and go to Nicaragua or somewhere like that.
Posted by PistolPete45
Mandeville, LA
Member since Apr 2012
628 posts
Posted on 9/1/22 at 11:22 am to
That is absolutely untrue.

Citibank send $500mill to the wrong party

quote:

The law usually punishes those who spend money accidentally deposited in their accounts. Accidental transfers are common in the digital age, and wires can be paid back instantly. A Pennsylvania couple faced felony charges after spending money accidentally deposited in their account.


quote:

But New York law has exceptions to this rule, known as the "discharge-for-value-defense." If the beneficiary is entitled to the money and did not know it was accidentally wired, they can keep it. Revlon lenders said they believed Citibank was wiring prepayments for a loan. After all, the money accidentally wired was the exact amount "to the penny" Citibank owed them, although the loan wasn't set to mature for quite some time.


Even in this extreme case where the judge let them keep the money, the only reason they could keep it was beause they were owed money anyways, if it had been sent to another party in which they had no relationship with, the judge would have easily ruled in their favor.
Posted by Jag_Warrior
Virginia
Member since May 2015
4292 posts
Posted on 9/1/22 at 3:50 pm to
OK. It seems that this case isn’t totally resolved. A report on CNBC has further details:

quote:

The judge ruled in Crypto.com's favor, and the case returns to court in October where a judge will determine next steps in the case.


And it seems the employee typed her account number in the amount field and that’s how this took place. Still, what a monumental screw up… and especially not to find it for seven month!
Posted by Jag_Warrior
Virginia
Member since May 2015
4292 posts
Posted on 9/1/22 at 10:22 pm to
quote:

I would probably just take it and go to Nicaragua or somewhere like that.


Better Call Saul.
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