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The ability, through various means, of reversing the transaction or otherwise redirecting funds to the correct recipient, is what's been solved.
by listenallyall 4y ago
The ability, through various means, of reversing the transaction or otherwise redirecting funds to the correct recipient, is what's been solved.
- charcircuit 4y agoWhich is what happened here. I imagine traditionally one bank asks the other bank to reverse the transaction. Here one exchange asks the other exchange to reverse the transaction.
- michaericalribo 4y agoFrom the link: > Recap: > - cryptodotcom sent 320k ETH to Gate > - Gate sends 285k back
- deleted 4y ago[deleted]
- anonym29 4y agoThis solution is also a major source of chargeback fraud, FWIW. The people who get screwed from that aren't financial institutions, it's merchants - often small mom and pop shops that lack the resources of predatory multinational corporations to challenge this type of activity. From their perspective, protection from chargebacks is protection from fraud.
- listenallyall 4y agoWell, show me these mom and pop shops (that aren't dark web drug dealers or porn sellers) that won't accept credit cards and will only accept crypto payments. Despite the chargeback fraud (an entirely different problem than what this thread was discussing, by the way) basically nobody has abandoned credit cards and gone crypto-only.