Here is one comparable hack[0] I remember which followed another series of SWIFT hacks. Further, people lose money all the time to more minor exploits that target just specific accounts, credit cards are always sold (less of a fault of the banks directly but tied to how the system is set up), Robinhood had a data breach recently, etc.
>also I’m sure all the people with money in that exchange would be loving from FDIC insurance right now
Plenty of big exchanges like Binance and Coinbase do have similar insurance and have made users whole after a hack[1]..
0. https://en.m.wikipedia.org/wiki/Bangladesh_Bank_robbery
1. https://www.wired.com/story/hack-binance-cryptocurrency-exch...
Yeah, I wouldn't want to rely on the Federal Reserve Bank noticing a misspelled instruction before my billion dollars were released, but at least there's someone with a brain looking at the transfer before it happens!
>The RCBC bank branch in Manila to which the hackers tried to transfer $951m was in Jupiter Street. There are hundreds of banks in Manila that the hackers could have used, but they chose this one - and the decision cost them hundreds of millions of dollars.
>"The transactions… were held up at the Fed because the address used in one of the orders included the word 'Jupiter', which is also the name of a sanctioned Iranian shipping vessel," says Carolyn Maloney.
>Just the mention of the word "Jupiter" was enough to set alarm bells ringing in the Fed's automated computer systems. The payments were reviewed, and most were stopped. But not all. Five transactions, worth $101m, crossed this hurdle.
Not to mention the billions lost to BEC schemes.
https://www.reuters.com/article/us-cyber-heist-swift-special...