| ▲ | paulpauper 3 hours ago |
| Yeah I know you are referring to the fiat-based financial system. Keep in mind, wire transfers generally cannot be reversed. There have been notable instances where money is lost/stolen this way, and no way to get it back. |
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| ▲ | Shank 2 hours ago | parent | next [-] |
| Wire payments are definitely reversible, but you might need to involve the courts, and international wires are more complex [0]. Most notably, 900 million in accidental payments made by Citi were eventually fully reversed by appeals courts. > A full recounting of it is outside the scope of this anecdote, but it rhymes with “If you and the United States federal government disagree whether a transaction is final, you are wrong.” [0]: https://www.bitsaboutmoney.com/archive/no-payments-are-final... |
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| ▲ | pllbnk 2 hours ago | parent | prev | next [-] |
| Yes, they can. If it's a significantly large sum, it may look like this: Step 1: The CEO of the debtor bank calls the CEO of the creditor bank and asks to return the money. Step 2 (only needed if there is disagreement): Lawyers of the debtor bank send a ton of legal papers to the creditor bank and figure it out. But it's just one of nearly infinite number of scenarios. |
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| ▲ | AlotOfReading an hour ago | parent [-] | | And if the creditor bank happens to be in Russia, Iran, the DRPK, or any number of other hostile financial systems, the debtor bank will likely find things practically impossible to unwind regardless. Sometimes they get lucky though and the government passes a law allowing them to seize equivalent assets a few decades down the road. | | |
| ▲ | YesThatTom2 6 minutes ago | parent | next [-] | | That proves the value of a well-regulated financial system. | |
| ▲ | pllbnk an hour ago | parent | prev | next [-] | | Making transfers to those countries is almost impossible from Western banks. It would require sophisticated multi-bank international transfers to do that, which take a long time and are fairly easy to stop. | |
| ▲ | lokar 34 minutes ago | parent | prev [-] | | They are already excluded from the financial system. |
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| ▲ | inknight 2 hours ago | parent | prev | next [-] |
| 6 billion in fiat is too large a figure to be irreversible. Do you have any examples? |
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| ▲ | sidewndr46 2 hours ago | parent | next [-] | | https://www.al.com/news/2026/10/mobiles-147-million-fraud-lo... | |
| ▲ | manquer 2 hours ago | parent | prev | next [-] | | A similar incident would be the 1Billion robbery of the Bangladesh central bank https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery Most of it was stopped and some was even recovered but $66Million is still lost 10years later . In both incidents protection are reliant on the authorities to minimize the damage ; tether and circle able to freeze tokens is not that different from the traditional finance doing it. Crypto is only reinventing structures that evolved in every financial system over time. Overtime they are going away from their founding theme of decentralization . Exchanges and stable coin issuers who can freeze wallets and coins are by definition centralization ; it is worse though as these organizations are less transparent than banks with less accountability | | |
| ▲ | lokar 32 minutes ago | parent [-] | | And as the stable coin operators and exchanges grow closer with governments and political elites they will add more and more controls in exchange for legitimacy. |
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| ▲ | csomar 2 hours ago | parent | prev [-] | | https://en.wikipedia.org/wiki/Bangladesh_Bank_robbery Most of the billion was frozen though if it was not frozen in time it would have probably evaporated just like these bitcoins getting into mixers. |
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| ▲ | gregschlom 2 hours ago | parent | prev [-] |
| And yet somehow nobody hears about North Korean hackers stealing billions from regular banks. |
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