“On May 12, 2021, the wrongful payment was made to Manivel,” the court said. Manivel kept those funds and deposited $10,100,000.00 into the joint account. On February 4, 2022, Manivel withdrew money from the joint account (…) with the aim of buying the Craigieburn property and donating it to Gangadory.”
That transaction was completed before February 21, 2022.
“Gangadory is currently the registered owner of the Craigieburn property. Therefore, for the purposes of this application, it is established that the Craigieburn property was acquired through means traceable to the wrongful payment,” the court concluded.
The court therefore stated that the property was “acquired by Gangadory in trust for the first plaintiff” [Crypto.com]made arrangements for the first claimant to sell Craigieburn’s property, and awarded interest and costs in favor of the first claimant.”
The case will go to court in October.
Bad timing for Crypto.com
“As the case is under court, we cannot comment,” a Crypto.com spokesperson said in an emailed statement.
These revelations come at a delicate time for Crypto.com. There are questions about the company’s financial situation following news that the platform has quietly cut hundreds of jobs in recent months.
According to Decrypt and The Verge, the platform has cut about 1,000 jobs since June. Crypto.com confirmed to TheStreet that it was continuing to downsize, but did not give a figure. The company also insisted that its refusal to specify the extent of the cuts said nothing about its financial situation. Crypto.com claims to be in good financial health.
“We announced reductions in June and have since optimized our workforce to match the current external economic headwinds,” a Crypto.com spokesperson told TheStreet last month.
“We have a strong balance sheet and will continue to invest in product, engineering and brand partnerships going forward,” the spokesperson added.