Prosecutors Seek Prison for Crypto.com User Who Mistakenly Received $6.8M and Spent Most of It

Aug 5, 2024

 Prosecutors Seek Prison for Crypto.com User Who Mistakenly Received $6.8M and Spent Most of It
 Prosecutors Seek Prison for Crypto.com User Who Mistakenly Received $6.8M and Spent Most of It
 Prosecutors Seek Prison for Crypto.com User Who Mistakenly Received $6.8M and Spent Most of It

Australian prosecutors are pushing for a prison sentence for Jatinder Singh, a Crypto.com user who mistakenly received nearly $7 million and spent most of it before the error was discovered. In May 2021, Crypto.com accidentally transferred 10.47 million Australian dollars (approximately $6.86 million) to Singh and his partner Thevamanogari Manivel, instead of a $100 refund due to an employee's error. By the time the mistake was found in December 2021, Singh had bought several homes and given away a significant amount of the money, claiming he thought he had won an online raffle.During a court hearing on August 2, prosecutor Campbell Thomson argued that the substantial sum involved made it inappropriate to consider this a mere crime of opportunity and that a jail sentence was warranted. Singh's lawyer, Martin Kozlowski, contended that Singh did not fully understand the gravity of the situation, which would have been challenging for anyone.Singh is scheduled to be sentenced in September. His partner, Manivel, was already sentenced in September 2023 to roughly seven months in prison (time served) and an 18-month community corrections order after pleading guilty to recklessly handling the proceeds of crime.The case highlights the increasing scrutiny of crypto-related crimes in Australia, with recent reports from AUSTRAC indicating a rise in criminal use of cryptocurrency due to its anonymity and quick transaction speeds​.