$1,800,000,000 Funneled Through Fraudulent Bank Accounts in Massive Money Laundering Operation: Report

February 23, 2024 The Daily Hodl

bank

Authorities in Hong Kong say they’ve cracked a massive, global money laundering operation that used the traditional banking system to wash approximately $1.8 billion. Seven people are now under arrest, accused of running a “large-scale transnational syndicate” powered by shell companies with fraudulent bank accounts, reports the Associated Press. The group’s phony businesses claimed to be […]

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$684,000,000,000 in Unrealized Losses Hammer US Banks As Fed Reveals Surge in Underwater Assets

December 3, 2023 The Daily Hodl

Banking

US banks are now saddled with a staggering $684 billion in losses on securities, according to a new report from the Federal Deposit Insurance Corporation (FDIC). The agency says the total number of unrealized securities in the banking system at the end of Q3 surged by $126 billion – a 22.5% increase in the span […]

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Hackers Hit World’s Largest Bank, Forcing Financial Giant to Rely on USB Stick to Settle Trades: Report

November 11, 2023 The Daily Hodl

bank

Engineers are investigating how hackers managed to crack the New York arm of the Industrial & Commercial Bank of China (ICBC) – a financial institution with $5.74 trillion in total assets. The hack forced the ICBC to settle trades using a USB stick while forcing banks, brokerages and market makers to reroute trades, reports Bloomberg. […]

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Fifth Bank Failure of 2023 Declared, Iowa Bank Insolvent Due to ‘Significant Loan Losses’

November 4, 2023 The Daily Hodl

Banking system

The Federal Deposit Insurance Corporation (FDIC) has shut down a bank in Iowa after regulators discovered “significant loan losses” on its balance sheet. The FDIC is adding Citizens Bank in Sac City to its list of failed banks, and says Iowa Trust & Savings Bank has assumed all deposits in order to protect depositors. The […]

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Billion-Dollar Bank Pays $29,500,000 Fine Over ‘Massive Fraud’, Allowing Criminals to Access $300,000,000

October 29, 2023 The Daily Hodl

bank

The Federal Reserve and New York Department of Financial Services are hitting a US bank with a multi-million dollar fine for violating the Bank Secrecy Act. The agencies say Metropolitan Commercial Bank (MCB) will pay a total of $29.5 million in penalties for allowing criminals to open new accounts and misdirect a staggering $300 million. […]

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Bank Profits Surge by $280,000,000,000 Globally Due to Sharp Increase in Interest Rates: McKinsey

October 23, 2023 The Daily Hodl

Bank Profits Surge by 0,000,000,000 Globally Due to Sharp Increase in Interest Rates: McKinsey

Banking system

Banks are collectively posting their most substantial profits in a decade, according to a new assessment from the consulting giant McKinsey. McKinsey says the rise in interest rates has paved the way for banks to widen their net interest margins and earn more on loans and mortgages, with the industry’s global profits growing by roughly […]

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Mysterious Withdrawals Hit Customers at Major US Bank, Plunging Some Accounts Into the Negative: Report

October 21, 2023 The Daily Hodl

Banking system

Customers at one of America’s biggest banks are reportedly seeing erroneous withdrawals hit their accounts. Concerns over unexplained withdrawals at Wells Fargo tagged as “debit card pending correction” began circulating on social media a week ago, with thousands of people calling out the bank, reports the CBS-affiliated news station WNCT. The unexplained charges siphoned as […]

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$270,000 Disappears From Business Owner’s Bank Account, Billion-Dollar Bank Refuses To Make Customer Whole: Report

October 8, 2023 The Daily Hodl

bank

A business owner in Southwest Florida is searching for answers after hundreds of thousands of dollars vanished from her bank account. Tiffany Allen says $270,000 was initially stolen from her family’s Truist Bank business account in five separate unauthorized transfers, reports the CBS-affiliated news station WINK. More than six months later, however, the bank has […]

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Bank Abruptly Freezes $48,000 in Customer’s Account, Denying Access to Funds and Refusing to Verify Identity: Report

October 7, 2023 The Daily Hodl

bank

A Tennessean woman says her bank has abruptly frozen tens of thousands of dollars in her account – even after she took additional steps to prove her identity and verify the source of her funds. Torrie Jackson says she and her husband received more than $68,000 in back taxes from the IRS earlier this year, […]

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Banking Glitch Turns Teen Into Overnight Millionaire After $10,900 Deposit Transforms Into $10,900,000

September 24, 2023 The Daily Hodl

bank

British bank Nationwide accidentally made one of its customers an overnight multimillionaire after abruptly adding about $10.9 million into his account. Dane Gillespie from Belfast, Ireland, says he cashed a birthday check worth about $10,900 into his Nationwide account – and was shocked to see a massive pile of cash enter his account. The bank, […]

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