Re:Someone paid $2.6M in fees to move $134 worth of cryptocu...
by smachiz on Thursday June 11, 2020 @01:31PM
(#23491187)
> Can a Transfer Be Reversed After Being Accepted?
Once a wire transfer has been accepted by the recipient's bank, there are only a few circumstances that allow for the reversal of the wire transfer under the Uniform Commercial Code.
> The only available options for reversing a completed transfer are if the sending bank made a mistake, if the payment order was a duplicate of a previous order, or if the order is for an amount greater than the beneficiary was entitled to receive under the transfer. In those cases, the beneficiary's bank will recover the funds improperly paid to the beneficiary.
https://budgeting.thenest.com/time-frame-reversing-wire-tran...
Re:Someone paid $2.6M in fees to move $134 worth of cryptocu...
by google234123 on Thursday June 11, 2020 @01:29PM
(#23491143)
A general use currency != HFT.
Re:Someone paid $2.6M in fees to move $134 worth of cryptocu...
by m3kw9 on Thursday June 11, 2020 @01:49PM
(#23491426)
Can is a large word, you need to standardize it, which is what’s needed and it’s a long way to go.
Re:Someone paid $2.6M in fees to move $134 worth of cryptocu...
by crimsonalucard1 on Thursday June 11, 2020 @01:31PM
(#23491177)
It is reversible. If you make a mistake like this oftentimes you can rely on law enforcement/bank to force the money to be given back. Not sure if this is possible with crypto.
Re:Someone paid $2.6M in fees to move $134 worth of cryptocu...
by everfree on Thursday June 11, 2020 @01:35PM
(#23491227)
Often it's not reversible in practice, if the destination bank/jurisdiction is not cooperative.
This is why you hear people losing their life savings to scammers in Nigeria, instead of just successfully suing them to get it back.
Re:Someone paid $2.6M in fees to move $134 worth of cryptocu...
by crimsonalucard1 on Thursday June 11, 2020 @03:01PM
(#23492215)
Yeah but usually that's not the case. Usually you can get it back.
I would say more often than not it's reversible.
Re:Someone paid $2.6M in fees to move $134 worth of cryptocu...
by rootsudo on Thursday June 11, 2020 @01:34PM
(#23491224)
If anyone read, it was reversed at 50% the cost.
Re:Someone paid $2.6M in fees to move $134 worth of cryptocu...
by Hamuko on Thursday June 11, 2020 @01:36PM
(#23491238)
It wasn't reversed. The beneficiary just agreed to give half of it back.
Re:Someone paid $2.6M in fees to move $134 worth of cryptocu...
by TomMarius on Thursday June 11, 2020 @01:45PM
(#23491372)
Same as with bank accounts and transfers.
Wire-fraud is also relatively common and often not reversible but people and businesses still wire money frequently.
Also happens with HFT: https://www.bbc.com/news/magazine-19214294