• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Man Jailed for $6.8M Crypto.com Error - Find Out How!

user avatar

by Giorgi Kostiuk

a year ago


  1. Details of the Incident
  2. Court Proceedings
  3. Consequences and Reactions
  4. An incident involving a cryptocurrency exchange error led to Jatinder Singh's three-year prison sentence for using mistakenly transferred funds. This article delves into the incident details, the ongoing trial, and its broader consequences.

    Details of the Incident

    In May 2021, 39-year-old Jatinder Singh from Australia received an unexpected windfall from Crypto.com. Instead of the intended $100 refund, Singh received $6.8 million (AUD 10.5 million) due to an employee error. Singh and his partner Thevamanogari Manivel transferred the funds to a joint account and began spending on properties and luxury goods.

    Mistakenly thought efforts to reclaim funds were scams

    , leading to a seven-month delay in addressing the matter.

    Court Proceedings

    The trial proceeded following the arrests of Manivel and Singh in March 2022. Singh's attorney argued for leniency, acknowledging the error while contesting criminal intent. Prosecution highlighted Singh's overseas transfers and extensive purchases as indicatives of fraudulent intentions. Ultimately, the court sentenced Singh to a three-year prison term while Manivel received an 18-month community corrections order.

    Consequences and Reactions

    Crypto.com continues to pursue the recovery of the spent funds. This case serves as a reminder of the importance of transparency and attentiveness in cryptocurrency dealings, emphasizing the need for legal awareness and trust in fintech engagements.

    The Jatinder Singh story stands as a cautionary tale about honesty and responsibility, providing a significant lesson for cryptocurrency users worldwide.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Metaplanet's Strategy of Utilizing Bitcoin for Acquisitions

chest

Metaplanet is accumulating Bitcoin for strategic acquisitions, including plans for a potential digital bank in Japan.

user avatarGiorgi Kostiuk

KuCoin's Approach to Compliance Under BC Wong: Challenges and Prospects

chest

BC Wong, CEO of KuCoin, discussed the importance of compliance and the future of stablecoins amidst criticism from ZachXBT.

user avatarGiorgi Kostiuk

XRP: Key Indicators Amid Potential Upsurge

chest

XRP is at a critical stage with a symmetrical triangle signaling potential price movement. Analysis of the current situation by Steph Is Crypto.

user avatarGiorgi Kostiuk

OT MANAGEMENT Introduces a Retail Investor-Centric Model

chest

OT MANAGEMENT, LLC develops a strategy focused on retail investors under the leadership of Daniel John Impens.

user avatarGiorgi Kostiuk

Pi Network: Prospects Amid Overall Cryptocurrency Market Growth

chest

Despite the overall recovery of the cryptocurrency market, Pi Network continues to face challenges. An overview of the technical situation and possible scenarios.

user avatarGiorgi Kostiuk

Bit Digital: A Complete Shift from Bitcoin to Ethereum

chest

Bit Digital has sold all its Bitcoin and invested $200 million into Ethereum.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.