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WTF, but to be honest we knew the potential of something like this happening.
Welcome to the world of Crypto.
It’s still very much in the gold rush / wild west stage.
@AcidD yeah, we still have a long way to go until regulatory frameworks spread…
This does not seem a “failure of regulation”, just as “bank robbery” is not a failure of bank regulation. This all seems to come down to “money laundering”, the exchanges were a registered business, there were 2 choices, comply with regulations and register all amounts over $10,000 or whatever. Or, only allow transfers below that amount.
Totally agree, i meant from the AML, KYC and tracability perspective of it.