4 ms·
>CitiBank can't get the money back they accidentally transferred to another company. Given it was an accidental early repayment of a loan, this isn't quite the
by automatic6131 4y ago
>CitiBank can't get the money back they accidentally transferred to another company.
Given it was an accidental early repayment of a loan, this isn't quite the slam dunk you think it is. If they had paid a company they didn't owe money to, they could get the money back through the courts.
Crypto is meant to evade those courts.
- bhaak 4y agoThe reason was not because of a repayment but because you wouldn't expect a respectable bank like CitiBank to do such a mistake. > “To believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion, would have been borderline irrational,” he wrote. https://www.nytimes.com/2021/02/16/business/citibank-revlon-loan.html https://www.nytimes.com/2021/02/16/business/citibank-revlon-... That's as close to "code is law" and other nonsense of the crypto libertarians as you can get.
- okasaki 4y agoNot really. Right in the paragraph above that one: > Recipients of cash wired in error are typically required to return it.