Crypto.com Pays $10.5 Million to Wrong Account, Man Sentenced to 3 Years in Jail
CryptoNewsTerminal Staff13 Aug, 2024
Crypto.com Pays $10.5 Million to Wrong Account, Man Sentenced to 3 Years in Jail
Crypto.com, a cryptocurrency exchange, mistakenly transferred $10.5 million AUD to the account of Jatinder Singh, an Australian resident. Singh was recently sentenced to three years in prison for allegedly withdrawing $4 million AUD and embarking on a spending spree, acquiring luxury goods and real estate in Melbourne. Crypto.com discovered the error and contacted Singh to rectify the situation, but Singh allegedly refused to cooperate. He transferred $4 million AUD to an associate's account, further complicating the matter. The County Court of Victoria found Singh guilty of theft and sentenced him to three years in prison. This case highlights the importance of carefully verifying transactions and the potential consequences of mishandling large sums of money, especially in the realm of cryptocurrency.
