Australian Woman Bags $7.2 Million After Crypto.com Makes an Expensive Error

• Cryptocurrency platform crypto.com mistakenly transferred $7.2 million to the wrong person's bank account
• The woman, Thevamanogari Manivel, bought a mansion in Australia and has now been ordered by a judge to sell the property and pay back the money
• These details have emerged in a lawsuit between crypto.com and the woman in the Supreme Court of Victoria

An employee of Crpyto.com punched in the incorrect account number and transferred $7.2 million to Australian woman Thevamanogari Manivel.

These details emerged in a lawsuit between the crypto currency platform and Thevamanogari Manivel in front of the Supreme Court of Victoria in Australia, the Washing Post reports.

Manivel was supposed to receive $68, but the whopping amount was transferred. She bought a mansion for her sister and transferred hundreds of thousands of dollars to her daughter. The Supreme court has subsequently frozen her bank account.

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According to the Guardian, it took the cryptocurrency platform seven months to notice the glaring error.

The woman's sister lives in Malaysia and didn't reply to a communication from crypto.com's lawyers.

SARS wants to tax cryptocurrencies and considers moving forward with audits on investments

Briefly News reported that the South African Revenue Services had published regulations on taxing cryptocurrency profits.

The reason behind SARS's move is that cryptocurrencies are decentralised and therefore unregulated in most countries, as governments are unsure how they should be taxed.

Cryptocurrency platforms generally do not provide investors with tax certificates as the regulations previously didn't exist and made tax calculations nearly impossible.

These platforms have also previously not shared customer information with any revenue agencies. Investors in cryptocurrencies have been led to believe that their transactions and earnings are private, but experts can trace this information with efficient tools and proper knowledge. SARS can track tax evaders if they invest in these tools and skills.

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Audit notifications have been sent to some cryptocurrency owners, which request them to state why they invested in these digital currencies. They also must submit documentation from the platforms they invested in to confirm how much they bought and earned.

Source: Briefly News