51 min listen
How a ransomware issue at a little known fintech company impacted banking for companies across the crypto market
FromThe Scoop
How a ransomware issue at a little known fintech company impacted banking for companies across the crypto market
FromThe Scoop
ratings:
Length:
55 minutes
Released:
Apr 2, 2020
Format:
Podcast episode
Description
As markets whipsaw amidst uncertainty surrounding the economic and health impacts of the coronavirus, the pipes and plumbing of our financial system, for the most part, has held up. That is even as legions of bankers, traders, and financial services professionals are forced to hunker down in their homes. Last week, there was one exception, however. A reported ransomeware issue at a little-known payments processor caused headaches across mid-sized banks across the country, making it difficult for certain Fedwire wires to execute.
Silvergate, which banks for more than 800 cryptocurrency firms, was one of the firms that had issues with inbound Fedwire transfers. In this episode of The Scoop, Silvergate CEO walks us through the outage, the underpinning of banking and the Fedwire, and the firm's plans for 2020.
Silvergate, which banks for more than 800 cryptocurrency firms, was one of the firms that had issues with inbound Fedwire transfers. In this episode of The Scoop, Silvergate CEO walks us through the outage, the underpinning of banking and the Fedwire, and the firm's plans for 2020.
Released:
Apr 2, 2020
Format:
Podcast episode
Titles in the series (100)
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