Thread by @MyntFund

Deutsche Bank’s 26 Billion Euros Blunder
The bank accidently sent 26 Billion Euros to an account in Deutsche Boerse AG's Eurex clearinghouse in 2018. The bank had claimed that it was an operational error which happened during the movement of the collateral between

Deutsche Bank's principal accounts and Deutsche Bank's Eurex account. The spokesman of Deutsche bank said that the errors was identified within a matter of minutes and was rectified.

He also added that they had taken measures to not repeat the mistakes. This mistake had cost the company’s shares to fall by 25% that year.

There was another incident which happened in 2015 where the bank transferred around USD 6 Billion to a client’s account in the hedge fund in U. S, the bank had received back the money the next day.

It has told that the transfer of money was made by a junior foreign exchange sales department employee, when the boss was on vacation.

Banks play a critical role in the economy by facilitating financial transactions, managing savings, and providing loans to individuals and businesses.

However, like any other institution, banks are susceptible to making mistakes, and these mistakes can have significant consequences for their customers and the broader economy.

The Wells Fargo fake account scandal: In 2016, it was discovered that Wells Fargo had opened millions of fake accounts in the names of its customers without their knowledge or consent.

The 2012 JPMorgan Chase trading loss: JPMorgan Chase, one of the world's largest banks, lost $6 billion in a series of trades made by a single employee known as the "London Whale." The loss was due to a combination of poor risk management

The RBS computer failure: In 2012, Royal Bank of Scotland (RBS) experienced a computer glitch that caused millions of customers to be unable to access their accounts or make transactions for several weeks.

These banking blunders highlight the importance of strong regulation, effective risk management, and ethical leadership in the banking industry. While mistakes are inevitable,

banks must take responsibility for their actions and work to restore trust with their customers and the wider community.

Is really doesn't matter who is playing around with your money ftx/Alameda research or @SVB_____ , trust someone else with your money and eventually they will make wrong decisions and equity of hard working individuals will disappear into the ether.

The system is set up so we have to use the banks, companies for crucial services like electronic payments, such as credit and debit card transactions, online payments, and electronic fund transfers (EFTs).

Trade finance: A bank can assist companies with financing international trade, including providing letters of credit, trade finance loans, and trade finance guarantees.

process credit and debit card transactions, including point-of-sale systems, payment gateways, and mobile payment solutions.

We leave to much of our existence in the hands of banks. Professionals or not they are playing monopoly with our life. #blockchains are the only solution. Diverse investments in asset.backed.crypto, tokenized shares and even tokenized commodities.

Increased liquidity, Transparency, Lower transaction costs, Fractional ownership, Global access, Diversification, Increased security.
Just a few of the benefits.

In conclusion:Banks should not be in the business of lending and that alternative sources of lending, such as peer-to-peer lending platforms or non-bank financial institutions, should be developed to fill this role. @Myntexchange_ #asset_backed_crypto