U.S. sanctions cloud provider 'Funnull' as top source of 'pig butchering' scams • Hacker News Board

Re: U.S. sanctions cloud provider 'Funnull' as top source of 'pig butchering' scams

#291

Post by asherlagrand » Tue, Jun 03, 2025, 2:42 AM UTC

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Re: U.S. sanctions cloud provider 'Funnull' as top source of 'pig butchering' scams

#292

Post by tumbaldane1 » Tue, Jun 03, 2025, 1:57 PM UTC

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Re: U.S. sanctions cloud provider 'Funnull' as top source of 'pig butchering' scams

#293

Post by SkyBelow » Tue, Jun 03, 2025, 6:35 PM UTC

jlarocco wrote: post #169

SkyBelow wrote: post #102

Earlier quoted context omitted.

If Bank C is forced to take the loss, it'll be more careful in opening accounts for scammers to withdraw money. If Bank C is in a country that doesn't care to enforce such losses, then Bank B (or A if A is big enough) will think twice about deciding to do business with Bank B. Moving the cost of the scams onto the banks will strongly incentivize them to prevent the scams.

There's some kind of circular reasoning going on here. Banks are more careful, and that's why they don't deal with certain kinds of transactions. And that's where crypto comes in to "disrupt banks" and "democratize finance". Long term, crypto will be no different than regular currency and finance because people don't like getting ripped off and defrauded. We'll have a period of time with people pulling old scams but…

Apologies for the delayed response.

In my previous post, I was considering the cases that currently involve a bank, not those involving crypto. When someone goes to crypto to bypass the existing systems (safety or otherwise), I think that fairly switches them to a fully buyer beware process.