Purchasing a New Home
The Melbourne woman, Thevamanogari Manivel, has since bought a house valued at $1.35 million in Melbourne. She also moved large portions of the funds to various accounts, including that of her daughter, Raveena Vijian. Furthermore, the ruling disclosed that Manivel transferred ownership of her luxurious mansion to her sister, residing in Malaysia.
The Supreme Court of Victoria has now ruled that Manivel must sell her mansion and return the funds to Crypto.com. Failure to do so will result in contempt of court charges. The case will return to court in October. Crypto.com could have reversed the transaction if it had been noticed earlier, but due to the time elapsed, the funds were difficult to retrieve. The court emphasized that anyone who receives a large amount of money accidentally is obligated to report it so the error can be corrected.
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Crypto.com $35 Million Cyberattack
In addition to this financial blunder, Crypto.com fell victim to one of the largest hacks in the cryptocurrency industry. In January 2022, 483 customers were affected by a significant hack, leading to the theft of Bitcoin and Ether worth $35 million. Initially, the company reported the stolen amount as $15 million, but after a thorough investigation, this figure was revised.
However, no customers lost money from the breach. Many transactions were halted before the hackers could complete them. All affected customers were fully reimbursed by Crypto.com. To prevent further losses, the company suspended withdrawals for several hours while it ensured customers used two-factor authentication to log into their accounts.
As a result of the hack, Crypto.com introduced a new feature to notify users when a new payee address is added to their accounts. If the customer did not approve the transaction, they would have 24 hours to cancel it.
Furthermore, the company launched the Worldwide Account Protection Program, designed to restore up to $250,000 for users affected by hacks within its network. To be eligible for the program, users must enable multi-factor authentication and submit a police report to Crypto.com.
Over Crypto.com
Crypto.com, based in Singapore, is one of the largest cryptocurrency exchanges. The platform now boasts over 50 million customers and more than 4,000 employees. Due to the recent downturn in the crypto market, Crypto.com has been forced to lay off a significant portion of its workforce. The first round of mass layoffs occurred in June, coinciding with the decline in crypto prices. Despite facing several high-profile challenges, Crypto.com remains a popular platform, gaining recognition through partnerships with Matt Damon and Water.org. The company also acquired the naming rights to the Staples Center in Los Angeles.
