We usually trust high-profile crypto platforms. They have the best people working for them, so they can do things efficiently and effectively. Crypto.com mistakenly transferred 10.5 Million dollars to a woman's bank account in Australia when they intended to send just $100 as a refund.
So how did it happen? Someone who was in charge of this payment put the account number in the amount space by mistake. And the rest is history. It can happen by mistake. To make a payment, you need to enter the account number of the customer, and then put the amount in the amount space that you want to send.
Before confirming the payment, it is checked properly. Usually, there are necessary steps set up to avoid any mistake like this. For example, in a bank, one officer fills up all information to make a payment. There is another officer who again checks everything and then confirms that transaction.
Even if they make a mistake, there is an imbalance in their accounts. They can check it up and figure out the mistake quickly. The surprising thing is, crypto.com was not able to find this big mistake in a short period of time. It took seven months to identify the mistake. The transaction occurred in May 2021 and they identified the mistake in December 2021.
There is a separate department to check out different things in a financial institution. What was their audit department doing so far? And what took them so long to see this?
We put our trust in big names, and what we see sometimes, that's shocking! The woman who got 10.5 Millon dollars purchased a five-bedroom home for her sister paying $1.35 million and transferred $430,000 to her daughter. A lawsuit was filed and there is an order to give money back to crypto.com. It will take time to sell the home and resolve this issue.
The woman who got the money by accident knows very well that it was sent by mistake. She was supposed to get a $100 refund. Instead, she received 10.5 Million dollars. She could inform crypto.com about this. But it did not happen.
Seeing big names somewhere, don't just trust that company blindly. You think they are more efficient, but they can make serious mistakes. And you can lose your money.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
Reference: 1.
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