Up To One Billion in Fiat Value Stolen From Banks

Kaspersky Labs in a report to be released soon will allege that up to a Billion United States Dollars in fiat value appears to have been stolen in an operation that has persisted since at least late 2013. Unlike in many similar thefts, this one directly targeted the banks themselves rather than customer accounts. More than 100 banks spread across 30 countries have been affected. The thieves' modus operadi involves stealing up to 10 million dollars from each targeted bank before moving on to the next target.

The sheer number of affected banks and the dumbfounding reliability with which each was able to be stolen from raises concerns of an existential nature with regard to what potential future if any might exist for the legacy fiat banking system. That the thefts occurred raw, directly from the bank's own funds suggest that any capability or desire for self preservation among the targeted banks is gravely deficient if it exists at all. While the suitability of United States Dollars in particular has been highlighted as presenting to law abiding consumers a questionable value proposition, this incident shows the problem in a form extends generally to fiat currencies internationally and that fiat currency is an unsuitable medium for even businesses as specialized in its handling as banks.

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