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you don't need to go that far back in time to find banking issues basically in every major geography, with different kinds of currencies, digital or not. Case

you don't need to go that far back in time to find banking issues basically in every major geography, with different kinds of currencies, digital or not. Case in point: https://en.wikipedia.org/wiki/Danske_Bank_money_laundering_scandal https://en.wikipedia.org/wiki/Danske_Bank_money_laundering_s... https://www.cnn.com/2021/01/21/europe/vatican-bank-money-laundering-intl/index.html https://www.cnn.com/2021/01/21/europe/vatican-bank-money-lau... https://www.justice.gov/opa/pr/bank-julius-baer-agrees-pay-more-79-million-laundering-money-fifa-scandal https://www.justice.gov/opa/pr/bank-julius-baer-agrees-pay-m...

NovemberWhiskey 5y ago
Money laundering is a different kind of a problem from what we're talking about here, though. Those are mostly KYC or internal controls failures - I'm not saying they're a good thing but they're not impacting other customers of the bank really. Find some recent example of the owners of a bank/exchange absconding with their client funds: that would be closer to the matter at hand.
- hectormalot 5y ago
  Wirecard :) But you’re right. Mostly the normal banks and exchanges are regulated and incidence of fraud is low. A lot of that regulation is “lessons from past failures”, which crypto hasn’t had yet.
  - NicoJuicy 5y ago
    Wirecard wasn't a bank/exchange either. But a payment processor. It was fraudulent though.
    - NovemberWhiskey 5y ago
      Did any customers actually lose money over the Wirecard thing, or was it just the shareholders and lenders that lost out? I couldn't immediately find anything about customer losses.
      - NicoJuicy 5y ago
        As far as I know, they weren't any customer losses.
- FabHK 5y ago
  Last example of a bank failure where ordinary people lost a lot of money I’d say was the failure of Lehman Brothers. Lots of risk averse retail investors were sold Lehman certificates with somewhat better yields (“mini-bonds”) because Lehman paid high commissions to the retail banks, eg in Germany and Hong Kong.

NovemberWhiskey 5y ago

Money laundering is a different kind of a problem from what we're talking about here, though. Those are mostly KYC or internal controls failures - I'm not saying they're a good thing but they're not impacting other customers of the bank really. Find some recent example of the owners of a bank/exchange absconding with their client funds: that would be closer to the matter at hand.

hectormalot 5y ago
Wirecard :) But you’re right. Mostly the normal banks and exchanges are regulated and incidence of fraud is low. A lot of that regulation is “lessons from past failures”, which crypto hasn’t had yet.
- NicoJuicy 5y ago
  Wirecard wasn't a bank/exchange either. But a payment processor. It was fraudulent though.
  - NovemberWhiskey 5y ago
    Did any customers actually lose money over the Wirecard thing, or was it just the shareholders and lenders that lost out? I couldn't immediately find anything about customer losses.
    - NicoJuicy 5y ago
      As far as I know, they weren't any customer losses.
FabHK 5y ago
Last example of a bank failure where ordinary people lost a lot of money I’d say was the failure of Lehman Brothers. Lots of risk averse retail investors were sold Lehman certificates with somewhat better yields (“mini-bonds”) because Lehman paid high commissions to the retail banks, eg in Germany and Hong Kong.