alt Hacker NewsBanks can't reverse wire transfers. Unless there is some super-level intervention that is very rarely used. But they can trace where it went.
Banks can't reverse wire transfers. Unless there is some super-level intervention that is very rarely used. But they can trace where it went.
And the amount of process and control around a wire transfer is monstrous to reduce risk.
Watching crypto rediscover 100yr of financial regulation and system/process design has never not been amusing to me, esp as someone who works in an asset that has solved the custodianship problem (not that people in the industry aren’t actively attempting to light those safety rails on fire to make a few extra bucks).