Based on statements made by Huang Tien-mu during a hearing on global #banking stability, Taiwan's Financial Supervisory Commission (FSC) would soon regulate bitcoin with new legislation.

Bloomberg first reported the FSC's position as a regulator, citing legislative sources. Huang indicated that the sector's regulation will be a collaborative effort with the FSC to establish a set of norms, with the formation of an industry self-regulatory body being one of the first steps. However, sources indicate that the FSC will not regulate #NFTs for the time being because they are still a new asset class.

Wayne Huang, CEO of XREX, commented on this, stating that the FSC requires more time to produce adequate NFT classification criteria due to the extendability and composability of NFTs. The Central Bank of the Republic of #China is in charge of monetary policy and foreign exchange laws, while the FSC is in charge of banking, securities and futures, and anti-money laundering.

Wayne Huang, CEO of XREX, commented on this, adding that due to the extendability and composability of NFTs, the FSC requires additional time to create suitable NFT categorization criteria. The FSC is in responsible of banking, securities and futures, and anti-money laundering, whereas the Central Bank of the Republic of China is in charge of monetary policy and foreign exchange rules.

In a recent incident, a software bug within a billion-dollar bank inadvertently allowed customers to withdraw funds that did not belong to them. The flaw permitted individuals to transfer approximately $1,000 to digital banking applications like Revolut, even when their accounts lacked sufficient funds. This unforeseen exploit became viral on social media platforms after its discovery, prompting customers to test its validity.

The Exploited Bug

The bug within the banking system allowed customers of the Bank of Ireland to initiate transfers of around $1,000 to digital banking apps. The transfer could be completed even if the customer's account had an insufficient balance. Following the transfer, these customers were able to withdraw the funds from ATMs associated with the bank.

Swift Social Media Spreading

Upon the discovery of this banking glitch, news of the exploit quickly spread across various social media platforms. People rushed to test the loophole for themselves, leading to widespread experimentation and engagement with the flaw.

Unexpected Success Stories

An anonymous bank customer shared her experience with Vice, revealing that she initially heard about the bug through text messages. To her surprise, the exploit actually worked flawlessly. She decided to try it for fun but ended up withdrawing funds successfully. Despite the intention to return the money, she found herself using it for personal expenses due to her delayed salary payment.

Apology and Response from the Bank

Bank of Ireland issued an apology for the software bug, acknowledging the inconvenience caused to its customers. The bank assured that all unauthorized withdrawals would be recorded as debits on the respective customer accounts, rectifying the situation.

Scope of Impact

The bank clarified that the number of transactions carried out on the night when the bug was discovered constituted an insignificant portion of the bank's typical transaction volumes during a regular day. This suggests that while the exploit gained attention on social media, its impact on the bank's overall financial operations was relatively limited.

In Summary

The inadvertent software bug at the billion-dollar Bank of Ireland allowed customers to withdraw funds without proper authorization. The incident gained traction through social media, showcasing the speed at which news and exploits can spread in the digital age. The bank responded with an apology and rectified the unauthorized withdrawals, underlining the importance of robust software testing and security measures in the financial sector. #bank #bug #funds #banking #BankOfIreland