Commercial Bank of Ethiopia Glitch Lets Customers Withdraw Millions (bbc.com) 36
Ethiopia's biggest commercial bank is scrambling to recoup large sums of money withdrawn by customers after a "systems glitch." From a report: The customers discovered early on Saturday that they could take out more cash than they had in their accounts at the Commercial Bank of Ethiopia (CBE). More than $40m was withdrawn or transferred to other banks, local media reported.
It took several hours for the institution to freeze transactions. Much of the money was withdrawn from state-owned CBE by students, bank president Abe Sano told journalists on Monday. News of the glitch spread across universities largely via messaging apps and phone calls. Long lines formed at campus ATMs, with a student in western Ethiopia telling BBC Amharic people were withdrawing money until police officers arrived on campus to stop them.
It took several hours for the institution to freeze transactions. Much of the money was withdrawn from state-owned CBE by students, bank president Abe Sano told journalists on Monday. News of the glitch spread across universities largely via messaging apps and phone calls. Long lines formed at campus ATMs, with a student in western Ethiopia telling BBC Amharic people were withdrawing money until police officers arrived on campus to stop them.
This is not so bad for the banks. (Score:4, Interesting)
Its not like the ATMs leaked money to anonymous recipients. I assume all transactions were recorded and the accounts are just going into unauthorized overdraft. The lenders will just remain liable for everything they took plus interest plus fees. The young potentially future well earning students would be best to spend little of it and deposit it promptly. Spending what they don't have could result in garnished wages for a lifetime.
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Its not like the ATMs leaked money to anonymous recipients. I assume all transactions were recorded and the accounts are just going into unauthorized overdraft.
If they were able to withdraw a substantial amount of money, I assume they are going into the shop downtown where a fake identity and passport can be easily obtained. Then they are going into the airport. Then they are going into the cabana on the nice beach near their new home.
Fuck school: the endgame has already been achieved. Hopefully they learned enough already to invest wisely and make that money last a lifetime. How much cash does an ATM have inside? I assume there was no withdrawl limits, and/or the
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Fuck school: the endgame has already been achieved. Hopefully they learned enough already to invest wisely and make that money last a lifetime. How much cash does an ATM have inside? I assume there was no withdrawl limits, and/or there are lots of ATMs to visit.
Yes there are ATM withdraw limits, 15000 birr per day per account.
Google says this is roughly worth $263 USD or 242 euro
That is far from enough to make last a life time.
Apparently the limit on bank to bank transfers was much higher, 300000 birr, which again google says is about $5266 USD
The bank claims they froze transfers two hours after the problem started, so quite possible some quick thinking individuals bought plane tickets successfully.
They would also have had to withdraw all of that from the destinat
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In that country $5k USD is a fortune. You either have more than two years' salary worth you can move to a neighbouring country with, or buy a boat ticket to Europe from far-left criminals, or buy an EU visa from far-right criminals (like PiS govt was selling).
Yes, getting shipped by people traffickers is this expensive -- it's not poor fleeing refugees who get into Europe (compare eg. with Ukrainians, who are nearly all honest and hard-working, or Yazidis who are legitimately oppressed).
So starting a new l
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This isn't happening in reality. This is a tired alt-right talking point perpetuated by subhuman trash who worship a fat diaper-wearing reject of humanity and business who can't shut up long enough to not earn another dozen million in fines he can't afford.
To summarize: Die.
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> This isn't happening in reality.
Which part isn't happening?
Transcript: Mayor Adams Calls for Expedited Work Authorization for Asylum Seekers
https://www.nyc.gov/office-of-... [nyc.gov]
New York Right to Shelter Laws
https://abc7ny.com/right-to-sh... [abc7ny.com]
Migrants in New York City will receive prepaid debit cards
https://apnews.com/article/fac... [apnews.com]
> To summarize: Die.
The tolerant left?
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https://www.cityandstateny.com... [cityandstateny.com]
Luckily, that attempt ultimately failed.
https://council.nyc.gov/joseph... [nyc.gov]
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Transcript: Mayor Adams Calls for Expedited Work Authorization for Asylum Seekers
"Migrants" and "Asylum Seekers" are not the same thing, but I don't expect a moron like you to get that distinction.
New York Right to Shelter Laws
This is a general NY law about availability of shelters to homeless people. It's not specific to migrants, but there are a lot of migrants in NY now (for reasons I mention below).
Migrants in New York City will receive prepaid debit cards
These debit cards are essentially the same thing as food stamps. They're in lieu of boxes of food which would go bad and be unwieldy for a homeless person to store and move. Pop quiz: who is the most widespread user
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$5k USD is almost four years of income for the average recent college graduate in Ethiopia. Would you really become a fugitive for that? In the US the equivalent would be a $225k USD payout. I certainly would not recommend a US college student drop out of college and flee the country to keep a one-time $225k payout. I would absolutely recommend that student to return the money and continue with a law abiding life.
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USD225k????
With the median income of USD1000 in argentina... that is a LOT of money.
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In the US the equivalent would be a $225k USD payout.
Ok.. But what if a Country existed where the young students could flee to with that payout, where the average salary was the equivalent to US $10 Million a year?
That doesn't exist for the US, but it does exist for Ethiopa. Their quality of life could be 30 times better in a different country, and that 5k might be enough to get them started.
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You're not going to get a European visa for $5k. You may get on a boat though, and then you may die.
Your post is acting like these people have won life, the reality is they've only just beaten the first boss at the end of the tutorial. $5k is only a lot if they stay at home. It doesn't get them fuck all anywhere else, and while being a migrant may be a better life than what a lot of people in Ethiopia get, I remind you, these people are the ones who had bank accounts. They were already well off back home, E
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You're not going to get a European visa for $5k
It's not exactly the heist of the century here...
But the people who did it may not be aware that 5k won't actually get them that far.. since the 'Glitch' was a spur of the moment thing, and likely not part of anyone's plans.
I would agree the best thing for them to do would be to bring the money back to their bank; re-deposit it, and accept whatever the penalties are.
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Polish far-right govt illegally sold almost half a million visas, they went for 5-6k EUR a piece. Here's the Wikipedia article [wikipedia.org], it says different numbers than Polish press.
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Fuck school: the endgame has already been achieved.
How much cash do you think an ATM machine carries? Even if they drained a full machine that's nowhere near enough to set you up for life.
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Fuck school: the endgame has already been achieved.
How much cash do you think an ATM machine carries? Even if they drained a full machine that's nowhere near enough to set you up for life.
I gave some figures explaining how much you need, where to get it from (not the ATM, for most of it), and how to get set up. I guess you didn't read that part. Which was most of the post.
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Its not like the ATMs leaked money to anonymous recipients. [...] Spending what they don't have could result in garnished wages for a lifetime.
Was this just ATMs? I thought it mentioned wiring money (and subsequent un-doing transactions). Seems like if you were fast enough, you could convert the money into Bitcoin. Once that 's done, it's just plain spent, as far as the bank is concerned. Now they have to chase Bitcoins if they want it back, and that's not likely to succeed before it's cashed out at the other end. Meanwhile the thieves have also taken some cash out of ATMs, and you don't need much to get a false passport and flee the country the
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The young potentially future well earning students would be best to spend little of it and deposit it promptly.
Let's be honest... they are young and have a Serious lapse in judgement and education If they thought they would get away with abusing this glitch.
In the best case they repay plus penalties, But I suspect they'll have already spent the money on the irresponsible things kids spend money on by the time the police come knocking on their door with the handcuffs out for them (Or the court summons).
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An Etheopian Prince... (Score:5, Funny)
An Ethiopian Prince just wrote to me about a financial opportunity..
I told him I'm Nigerian.
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An Ethiopian Prince just wrote to me about a financial opportunity..I told him I'm Nigerian.
I really need to stop blathering (or use the Anonymous) when I have mod points for Funnies.
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The article listed the losses in USD, so the losses reported are $40M USD. That would come to about 2.3 billion Ethiopian Birr.
To put this into context, the bank has about 38 million account holders, so the losses are about $1 USD per account holder. They have about $19 billion USD in assets, so the losses are about 0.2% of their total assets under management.
Has happened many times before (Score:2)
Given how many people in "developed" countries have tried things like this, it is hardly surprising in a country that other Africans make fun of.
https://fortune.com/europe/202... [fortune.com]
Reminds me of the Zecco April Fools' Day 2009 (Score:1)
Zecco jokingly added millions of dollars to everyone's account as an April Fools' Day Joke. Problem was that people were actually able to use the money to make stock trades.
https://www.mymoneyblog.com/ze... [mymoneyblog.com]
Be right back (Score:2)
99% of bank "bugs" just happen (Score:1)
...to benefit the bank. This may be a legitimate bug.
Quick! (Score:2)
Cut the broadband [slashdot.org] before they withdraw any more money.
It is a crime. (Score:2)