3 ms·
A couple of things shook me about this - firstly I guess is the amount that was up for stealing - 100M just "sitting there" seems crazy - how many other multi-m
by lifeisstillgood 5y ago
A couple of things shook me about this - firstly I guess is the amount that was up for stealing - 100M just "sitting there" seems crazy - how many other multi-multi millionaires have their wealth just sitting in one bank account?
Second scam is the wrong word. A confidence scam originally mean the mark had to bring a suitcase of cash to give confidence to the scammers that he had the means to join their get-rich scheme - and of course he would walk away with a suitcase of old newspapers.
But this is almost a new kind of crime - he did not present or move his money, he did not give away any keys. it is the very mechanism of money transmission that is the issue.
SWIFT is rarely seen as part of crimes - but crypto is pointing towards a new world. Imagine "permissioned blockchains" ie Bank Of England coins, this would still be a real viable scam. Proving you did not mean for people to take your 100M and rapidly move it would be a slow process. Stop orders would be a common place activity, potentially holding up long chains of transactions.
Even without permission-less crypto the move to a digital native currency is a long process
- jazzyjackson 5y ago> 100M just "sitting there" seems crazy By virtue of converting the ETH to AAVE wrapped ETH, they're earning interest by loaning out the underlying ETH. Who is taking out loans and paying interest for ETH I have no idea. Plus, even without the AAVE wETH, they expect ETHs value to accrue faster than any other asset, so there's no cost to letting the money just sit, as opposed to your USD in savings depreciating over time.