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This happened not long ago, in the "legacy" financial system: https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery https://en.wikipedia.org/wiki/Bangladesh_Ba

This happened not long ago, in the "legacy" financial system: https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery "Thirty-five fraudulent instructions were issued by security hackers via the SWIFT network to illegally transfer close to US$1 billion from the Federal Reserve Bank of New York account belonging to Bangladesh Bank, the central bank of Bangladesh. Five of the thirty-five fraudulent instructions were successful in transferring US$101 million, with US$20 million traced to Sri Lanka and US$81 million to the Philippines. The Federal Reserve Bank of New York blocked the remaining thirty transactions, amounting to US$850 million, due to suspicions raised by a misspelled instruction.[2] All the money transferred to Sri Lanka has since been recovered. However, as of 2018 only around US$18 million of the US$81 million transferred to the Philippines has been recovered.[3] Most of the money transferred to the Philippines went to four personal accounts, held by single individuals, and not to companies or corporations"

tata71 5y ago
This must be one of those DeFi hacks I keep hearing about.
- obmelvin 5y ago
  Not sure if you are trying to make a joke that I'm missing? If not..no, the GP comment is referring to traditional financial institutions improperly wiring money.
  - vmception 5y ago
    I get that joke, basically people that criticize the entire concept of crypto assets frequently point to thefts of crypto assets and never apply the same standard to financial systems that they respect because they are completely unknowledgeable of the frequency and size of unreversible transfers in the traditional financial system. and then they point to the user experience of how banks at least pretend like the money was returned, which is convenient for the user, something that is also possible to do with using an optional bank custodying crypto deposits.
    - perl4ever 5y ago
      >people that criticize the entire concept of crypto assets frequently point to thefts of crypto assets and never apply the same standard to financial systems that they respect because they are completely unknowledgeable of the frequency and size of unreversible transfers in the traditional financial system My comment was not intended to promote the idea that the existing financial system is comparable in the frauds and crimes that happen, just that it's an overstatement to say people never steal millions in an irreversible way.

tata71 5y ago

This must be one of those DeFi hacks I keep hearing about.

obmelvin 5y ago
Not sure if you are trying to make a joke that I'm missing? If not..no, the GP comment is referring to traditional financial institutions improperly wiring money.
- vmception 5y ago
  I get that joke, basically people that criticize the entire concept of crypto assets frequently point to thefts of crypto assets and never apply the same standard to financial systems that they respect because they are completely unknowledgeable of the frequency and size of unreversible transfers in the traditional financial system. and then they point to the user experience of how banks at least pretend like the money was returned, which is convenient for the user, something that is also possible to do with using an optional bank custodying crypto deposits.
  - perl4ever 5y ago
    >people that criticize the entire concept of crypto assets frequently point to thefts of crypto assets and never apply the same standard to financial systems that they respect because they are completely unknowledgeable of the frequency and size of unreversible transfers in the traditional financial system My comment was not intended to promote the idea that the existing financial system is comparable in the frauds and crimes that happen, just that it's an overstatement to say people never steal millions in an irreversible way.