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▲ mothballed 11 hours ago

FDIC does not cover bank theft[].

  FDIC deposit insurance does not protect against losses due to theft or fraud, which are addressed by other laws.
That's covered by private bankers bond insurance, much like you could get for a decentralized stored pots of gold or you can buy insurance in the form of put options (like on IBIT) on the loss of value of bitcoin or if your cold wallet is stolen you can initiate legal proceedings against the thief.

[] https://www.fdic.gov/news/fact-sheets/crypto-fact-sheet-7-28...

▲dylan604 10 hours ago | parent | next [-]

That's good to know. I guess that makes sense though as those swindled by Madoff had to recoup their money through Madoff's estate instead of FDIC.

I guess Hollywood has mislead us yet again in pretty much every bank robbery scene with dialog like "Nobody panic. We're not stealing your money, we are stealing the bank's money".

▲cindyllm 11 hours ago | parent | prev [-]

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