Crypto Review - Understanding Crypto.com's $7.2 Million Typo
After 15 months, Crypto.Com is trying to get its money back.Key points
Popular cryptocurrency exchange Crypto.Com is taking legal action against a customer in Australia who kept the $7.2 million that was accidentally deposited into her account. It seems that a Crypto.Com employee unintentionally typed an account number instead of an amount into the transfer field. As a result, Thevamanogari Manivel received around $7.2 million instead of the intended $68. Manivel kept the money and Crypto.Com is trying to recover the funds plus interest and legal costs.
Anyone seen my millions?The challenge for Crypto.Com is that it was seven months before anyone noticed the mistake. The accidental payment was made in May 2021 and only uncovered in an internal audit at the end of that year. "Extraordinarily, the Plaintiffs allegedly did not realise this significant error until some seven months later, in late December 2021," commented the Supreme Court judge in the case.
Crypto.Com then commenced legal proceedings and Manivel's account was frozen. But by that point, she had already spent some of the cash and transferred more to family members and other accounts. Plus, the court heard that Manivel had spent almost $1 million on a mansion for her sister.
Last week, the judge ordered the property be sold and the money returned to Crypto.Com. According to The Washington Post, she will also need to pay legal costs, plus getting on for $20,000 in interest. So far, Crypto.Com hasn't been able to get a response from Manivel and the judgment was made without the presence of her lawyers. The next court date is set for October.
Crypto.Com hasn't responded to media questions as it's an ongoing case. After an extraordinary 2021 in which the crypto exchange bought the naming rights to the Staples Center and signed several other high profile sponsorship deals, 2022 has been a different story. The company has reduced staking rewards on its Cronos (CRO) token and laid off a number of staff.
What happens if a crypto exchange accidently sends you money?It isn't the first time a crypto platform has accidently sent funds to customers. Both BlockFi and Compound were in the news last year for similar incidents. BlockFi mistakenly transferred Bitcoin (BTC) to some of its users in a promotion campaign. DeFi platform Compound sent over $90 million when a system upgrade went wrong.
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Get startedIf a bank makes a mistake in your favor, it can reverse the transaction and take the funds back. Life is not like Monopoly. If you try to spend that money or, say, move it to a high-interest savings account hoping to profit from it, you could face criminal charges. Contact your bank immediately and report the issue.
You might think that the world of crypto is different. After all, it's outside the traditional system and anything goes in crypto land, right? Wrong. It still isn't your money and you can't just keep it. The judgment in Australia shows that attempting to profit from these kinds of errors can land you in hot water, both financially and legally.
People’s Trust In Crypto Continues To Be High Despite The Onset Of A Bear Market
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According to the Crypto Pulse study for Q2 released by the cryptocurrency exchange Bitstamp, the widespread destruction in cryptocurrency prices as the market entered a crypto winter has not diminished American enthusiasm in the industry.
Based on a survey of 28,000 institutional and retail investors in 23 countries that was performed by a reputable research organization, “it’s apparent that many investors are using this winter to establish a solid foundation for crypto’s next bull run.”
The only country in the Americas where retail respondents “saw trust in cryptocurrency slide significantly below 50% in Q2 vs. Q1” was Canada. Overall, retail respondents in the Americas “continued to exhibit increasing trust in cryptocurrencies in Q2.” According to the research, “all other Americas countries saw trust in cryptocurrencies stay strong, at or above 68%, with countries like Brazil at 77%, Chile at 69%, and Mexico at 70%.”
In the U.S., 61% of retail respondents claimed to have made a crypto investment during Q2 2022, up from 42% in Q1—a figure that indicates a 44% rise in active investors. The “single highest rise in trust, from 61% in Q1 to 73% in Q2” was also seen in this group. Education is the main source of worry for respondents from the United States and Canada, with 44% of retail respondents saying they lack the knowledge necessary to begin investing in cryptocurrencies.
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On an institutional level, 69% of respondents from the United States said they advise cryptocurrency to their clients. With 78% of respondents saying affirmatively, Mexico had even higher results than Brazil and Argentina, where the percentages were 72% and 71%, respectively.
On the other side of the Atlantic, the percentage of retail investors surveyed in the U.K. And Europe who thought cryptocurrency was a reliable investment decreased from 54% in April to 52% in the most recent survey, the research said, adding that “this differed between nations.”
Globally speaking, from 67% in Q1 to 65% in Q2, the proportion of retail investors who consider cryptocurrency to be a reliable investment decreased significantly. Similar trends were observed among institutional investors, who now view cryptocurrency with 67% less confidence than they did in Q1 (60%).
These figures are encouraging and demonstrate the industry’s resiliency, the report said, noting that in Q1 we were entering a crypto winter. Retail investors as a whole raised their crypto purchases in Q2, and those who said they traded or invested in cryptocurrency every day or every week went from 56% to 60%. One in four institutions said they intended to use cryptocurrency as their main source of investment.
Overall, despite a significant market slump, the cryptocurrency sector has fared quite well. The report’s conclusion read, “Investors are taking this time to either raise their investment or deepen their understanding of crypto, even though trust in crypto has marginally dropped in some regions”.
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Lucky Block V1 Pumps By 40% – Is It The Most Undervalued Crypto Of 2022?
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Lucky Block is one of the best utility tokens in the market right now, whose value only increased after the recently announced Lucky Block V2. And with it came a promise that Lucky Block would soon end up on bigger and better cryptocurrency exchanges. However, recently, the price of the original Lucky Block – V1 – has pumped by 30%.
It is likely because Lucky Block’s ETH bridge is about to complete. We believe that once the bridge goes live, the price for both V1 and V2 will go even higher.
What is Lucky Bock Ethereum Bridge?As we already mentioned, the announcement of Lucky Block’s Ethereum bridge is the most likely cause that many in the crypto space have started rallying behind this crypto powering the NFT competition’s platform.
The latest bridge will allow the investors to swap their V1 for V2 and vice versa to trade them on various centralized exchanges and use them to participate in the NFT competition.
Buy Lucky Block V1
Why do we believe Lucky Block Is the most Under value Crypto of 2022?Lucky Block has made all the positive waves since the start of 2022, since the beginning. However, despite its performance and utilities, many have not realized its worth. The generic crypto crowd is either ignoring it or underestimating it.
However, the latest V2 upgrade will likely push its value further and pump its price even more.
Another reason is that the recent news about the Lucky Block Bridge upgrade has led to V2 being oversold, making LuckyBlock V1 even more undervalued.
Telegram is Celebrating Following the Recent UptickThe recent uptick of nearly 40% has led the Telegram community to come together in celebration. On the official telegram, they are sharing memes and other messages to express themselves, with one user going as far as saying that Lucky Block is getting close to its ATH.
One Telegram member said, “Buy now!! $0.001 is not far.”
And then, from the reaction this user has obtained from other members of the telegram group, we are inclined to believe that others are feeling the same about this crypto.
Buy Lucky Block V2
Why are there two tokens?The emergence of a second token with the same ticker name confused a lot of investors. Not long after, the developers came on Twitter and Telegram to explain that the V2 token is the ERC 20 and has no sales tax. It allows it to be listed on more centralized exchanges.
Since the beginning, early LBLOCK investors have been waiting for Lucky Block to land on Centralized Exchanges. It has done so. Recently, it was listed on two exchanges, MECX and LBANK. Gate.Io’s listing date is also getting closer.
What would be the price of tokens once the Bridge Goes Live?
Lucky Block has announced in its official Telegram account that the ETH bridge will go live on October 3rd, 2021. There would be a 2% price difference between the two for converting V1 to V2, but not vice versa.
A moderator has also come forward and said both V1 and V2 would have the same value. In addition to these bullish updates, the Lucky Block CEO has also announced a 1% monthly burn from September 30th to increase the scarcity, thereby increasing the price of Lucky Block.
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