5 ms·

How are dollars worth anything after all the bank robberies across the years? :)

by fgkramer 7y ago

gimmeThaBeet 7y ago
uh, insurance?
- __s 7y ago
  How are dollars worth anything after all the extortion of insurance?
- fgkramer 7y ago
  I was just using a simple analogy to explain that currency != exchangers
jcranmer 7y ago
This one heist of bitcoins is more than the total sum of money stolen from US banks in 2011. (Source: https://www.fbi.gov/stats-services/publications/bank-crime-statistics-2011/bank-crime-statistics-2011 https://www.fbi.gov/stats-services/publications/bank-crime-s...). It looks especially bad because about 20% of the stolen money from bank robberies is recovered, instead of lost for good; I don't know how much of Bitcoin heists are repatriated, but I suspect the percentage is much closer to 0%.
- alcio 7y ago
  Swift lost at least $85M in 2016, and that was only 1 partial attack. Had it went fully through, hundreds of millions would have been robbed.
- ShorsHammer 7y ago
  $1 billion Euro was stolen by a single gang from ATM's last year. https://www.europol.europa.eu/newsroom/news/mastermind-behind-eur-1-billion-cyber-bank-robbery-arrested-in-spain https://www.europol.europa.eu/newsroom/news/mastermind-behin... $1 Billion stolen from a Bangladeshi Bank https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery MoneyTaker operated silently for years without being caught stealing millions from US and Russian banks. https://www.reuters.com/article/us-cyber-banks-atm/hackers-hit-u-s-russian-banks-in-atm-robbery-scam-report-idUSKBN1E51SZ https://www.reuters.com/article/us-cyber-banks-atm/hackers-h... Conflating physical bank heists made by desperate people and sophisticated cybercrime is disingenuous.
  - ceejayoz 7y ago
    > $1 Billion stolen from a Bangladeshi Bank No. Most of it never went out, and much of what did was recovered. "The Federal Reserve Bank of New York blocked the remaining thirty transactions, amounting to $850 million, due to suspicions raised by a misspelled instruction. All the money transferred to Sri Lanka has since been recovered. However, as of 2018 only around $18 million of the $81 million transferred to the Philippines has been recovered."

How are dollars worth anything after all the bank robberies across the years? :)

gimmeThaBeet 7y ago

uh, insurance?

__s 7y ago
How are dollars worth anything after all the extortion of insurance?
fgkramer 7y ago
I was just using a simple analogy to explain that currency != exchangers

jcranmer 7y ago

This one heist of bitcoins is more than the total sum of money stolen from US banks in 2011. (Source: https://www.fbi.gov/stats-services/publications/bank-crime-statistics-2011/bank-crime-statistics-2011 https://www.fbi.gov/stats-services/publications/bank-crime-s...). It looks especially bad because about 20% of the stolen money from bank robberies is recovered, instead of lost for good; I don't know how much of Bitcoin heists are repatriated, but I suspect the percentage is much closer to 0%.

alcio 7y ago
Swift lost at least $85M in 2016, and that was only 1 partial attack. Had it went fully through, hundreds of millions would have been robbed.
ShorsHammer 7y ago
$1 billion Euro was stolen by a single gang from ATM's last year. https://www.europol.europa.eu/newsroom/news/mastermind-behind-eur-1-billion-cyber-bank-robbery-arrested-in-spain https://www.europol.europa.eu/newsroom/news/mastermind-behin... $1 Billion stolen from a Bangladeshi Bank https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery MoneyTaker operated silently for years without being caught stealing millions from US and Russian banks. https://www.reuters.com/article/us-cyber-banks-atm/hackers-hit-u-s-russian-banks-in-atm-robbery-scam-report-idUSKBN1E51SZ https://www.reuters.com/article/us-cyber-banks-atm/hackers-h... Conflating physical bank heists made by desperate people and sophisticated cybercrime is disingenuous.
- ceejayoz 7y ago
  > $1 Billion stolen from a Bangladeshi Bank No. Most of it never went out, and much of what did was recovered. "The Federal Reserve Bank of New York blocked the remaining thirty transactions, amounting to $850 million, due to suspicions raised by a misspelled instruction. All the money transferred to Sri Lanka has since been recovered. However, as of 2018 only around $18 million of the $81 million transferred to the Philippines has been recovered."