Americans’ Life Savings Disappear From Mexican Bank Accounts

[TimeBits]

https://www.bloomberg.com/news/articles/2019-05-23/expats-millions-in-life-savings-disappear-from-mexican-accounts?utm_source=twitter&utm_campaign=socialflow-organic&utm_medium=social&cmpid=socialflow-twitter-business&utm_content=business

Americans say money they had at Monex is gone and the bank isn’t helping them.

This is why we use Bitcoin and this is why we keep it off exchanges.
https://www.youtube.com/watch?v=IwP1DOHYLaE Key Control ft. Andreas Antonopoulos

Meh it is monopoly money anyways, go into any bank ask what you can get for your fiat

[joniboini]

Wow, must be suck to be their customers. This is what happens when there is not enough control for a centralized entity that saves billions of people money. Seems like the government isn't successful either on combating these fraudsters.

Really similar to how those scams ICO operates. Move to a place with fewer regulations, create a terms & conditions that benefit them, raise millions, give false hope and then said they need to stop their business because it fails. 'Investor' got rekt.

[joseyphil82]

What a heart breaking story, the fact is banks can't solve all issues and sometimes banks can easily rip you off ,it happens in my country but bank vs crypto? Its all vice versa ,private keys can be lost too or you simply get hacked

[fiulpro]

Yes even studies shows that, instead of banks people are investing all their money in bitcoins , since banks are working in strict Monopoly there have been incidents in our country which made thousands of investors loose money , they just did some fraud and they shut down on their own , things like that are pretty common in developing countries.

I thought it's better if the bank is backed up be the government , but that's not the case , they have even started charging high amount of money for simple services when compared to he past prices , I do think that it's best to actually either do something about them or go for cryptocurrencies.

[Haunebu]

Yes even studies shows that, instead of banks people are investing all their money in bitcoins , since banks are working in strict Monopoly there have been incidents in our country which made thousands of investors loose money , they just did some fraud and they shut down on their own , things like that are pretty common in developing countries.

What studies are you talking about? This is rubbish if you ask me. People won't lose their trust in banks just because some random banks(Like the Mexican bank mentioned here) scam their customers. There are far more reliable banks out there.

I thought it's better if the bank is backed up be the government , but that's not the case , they have even started charging high amount of money for simple services when compared to he past prices , I do think that it's best to actually either do something about them or go for cryptocurrencies.

Have you heard of public banks? I have been using these public sector banks from a long period of time and never faced any problems myself. What you and everyone need to understand is that BTC was always meant to serve as an alternate payment option and nothing more.

[CryptoBry]

What a heart breaking story, the fact is banks can't solve all issues and sometimes banks can easily rip you off ,it happens in my country but bank vs crypto? Its all vice versa ,private keys can be lost too or you simply get hacked

In other words, frauds and scams can be anywhere. Banks or rather some unscrupulous people behind banks can pull some difficult-to-trace heists from unsuspecting depositors and have the many layers of cover-ups be the barrier for full investigation to the matter. In my view, as long as there is money there will always be people who will bite the temptation to make a scam or defraud people -- this is quite true in any industry including the religious sector. And now, we are also seeing the same thing with cryptocurrency industry.

[Genemind]

What a heart breaking story, the fact is banks can't solve all issues and sometimes banks can easily rip you off ,it happens in my country but bank vs crypto? Its all vice versa ,private keys can be lost too or you simply get hacked

I agree with you. Both banks and even crypto has their own lapses but the common mistake in crypto is usually caused by negligence.
However, crypto still differs from banks when it comes to financial freedom. We are in control of our holdings and our profits at the same time.
Some banks failed in securing their costumer's funds and it's ruining their reputation.

[Huskerz1]

American Banks are federally insured.  It's called FDIC.  If your American Bank account gets hacked and money stolen, the bank changes your account and puts the stolen amount right back in.  Ask me how I know...  Who the F in their right mind would put their money in a Mexican bank? 

[Ailmand]

What a heart breaking story, the fact is banks can't solve all issues and sometimes banks can easily rip you off ,it happens in my country but bank vs crypto? Its all vice versa ,private keys can be lost too or you simply get hacked

It actually can happen both in crypto and banking. If you do not really take care or even review where you are putting your money, either crypto or banks, you wl still lose money. It's actually a good sum of money, hacking can happen in banks and crypto, at least in crypto you handle your own security which I think is safer.

[drumamat]

What a heart breaking story, the fact is banks can't solve all issues and sometimes banks can easily rip you off ,it happens in my country but bank vs crypto? Its all vice versa ,private keys can be lost too or you simply get hacked

I agree with you. Both banks and even crypto has their own lapses but the common mistake in crypto is usually caused by negligence.
However, crypto still differs from banks when it comes to financial freedom. We are in control of our holdings and our profits at the same time.
Some banks failed in securing their costumer's funds and it's ruining their reputation.

Not many banks with a bad reputation.If one Bank is closed it does not mean that thousands will also be closed.By nature, banks are big bubbles.And many it is time to think about their future.Definitely it is not with banks and cryptocurrency.Many people just do not know that there are cryptocurrencies.If one Bank closes people will carry money to another.

[davis196]

What americans?Mexican americans or US americans?
I don't know anything about the Mexican bank system(which might be controlled by the mexican drug cartalls) but it's highly unlikely this to happen on a US bank.Even if is happens,the people will back all their money(US bank deposits are guaranteed by a government deposit insurance agency,AFAIK)This Monex bank is mexican,right?

[xWolfx]

This is probably a sign, don't you think? - The sign says: Get out of Mexico while you still can.

Could be an isolated fact but i don't believe that it is at all. Another reason why crypto is so good, it's your full responsibility practically. If you get responsible with it then you won't have any issues as long as you know how to identify scams and security threats.

[figmentofmyass]

American Banks are federally insured.  It's called FDIC.  If your American Bank account gets hacked and money stolen, the bank changes your account and puts the stolen amount right back in.

FDIC only covers up to $250k per account in cases of bank failure.

this looks like lots of individual cases of fraud linked to one bank manager. in cases of fraud, major retail banks in the USA would normally compensate customers although i'm not sure how that works with accounts worth millions of $. it does appear that monex has "settled" most of the fraud cases (70% per the article) so customers are at least clawing some money back---

Cory Gray, 86, says she opened a Monex account six years ago and has recently had a tough time getting regular statements. She last heard from Zavala on Dec. 18 and was later told by Monex that she has next to nothing in her account. Monex offered her 70¢ on the dollar. She took it, afraid that fighting Monex would leave her with no cash. “I thought I would get nothing,” Gray says. “That’s why I settled.”

Bruce Brown, a retired sound engineer from Australia, says he got his full $250,000 back after filing a complaint against Zavala with the Procuraduria General de Justicia. But after Brown got his check, a Monex representative called and asked for $50,000. The bank, the man said, had overpaid. “I told them to shove it,” Brown says.

[Mike Mayor]

Before the goverment/officals or whatever have a little bitch fit about bitcoin tax and other idiocy maybe they should first conquer their own territory and get their fiat in check. How will they tax crypto when they can't even protect peoples fiat? The truth is they don't give a shit and just want to tax in on the cash cow. They never said anything before but as soon as bitcoin moons then they want to tax people.

Good luck taxing me I use crypto not fiat. Thank god I do not live in USA with an insane government. Here crypto is a tangible asset and the attitude is basically this "Great you found crypto, invest and use it we don't mine it is very risky so whatever happens, happens don't cry to use if you lose an investment"

So pretty much here you fend for yourself. They don't bother with besides capital gains for fiat. Reason being crypto is risky as it is.

[Astvile]

What a heart breaking story, the fact is banks can't solve all issues and sometimes banks can easily rip you off ,it happens in my country but bank vs crypto? Its all vice versa ,private keys can be lost too or you simply get hacked

Whats sad is things that can happen to a bank can happen on bitcoin/cryptowallet too and we cant avoid it,even ones personal bank account credentials can be stolen and used on unwanted purchases that the owner didnt know same as how bitcoin wallet works yes you are in hold of your funds but the risk of losing them from hacking or lossing access on is still huge