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A comment on Binance exchange hackers steal bitcoins worth $41m. Parent comment

Re:Binance exchange hackers steal bitcoins worth $41m by lathiat on Wednesday May 08, 2019 @09:12AM (#19858487)
It’s also not really true. At least in many countries bank balances up to some amount (eg $250,000 in Australia) are insured by the federal government.

But outside of that many things could cause the bank to lose your money. And there wouldn’t be a recourse for it.

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Re:Binance exchange hackers steal bitcoins worth $41m by Khol on Wednesday May 08, 2019 @09:37AM (#19858661)
I suspect you're confusing money and cash - they're two distinct things. I would be incredibly to learn that my bank had anywhere near the amount of cash stored compared to the amount of money deposited there. Cash has storage costs and pays a 0% return where deposits with a central bank have historically paid higher than that. (This isn't universally true.)
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