The 4th largest bank in the world, Wells Fargo, has been fined $3.7B for mismanaging customer funds. However, this incident has been overshadowed by the even bigger FTX collapse. Hardly anyone is talking about it on Twitter or other social media platforms. After all, it’s not crypto, so the scope of meaty headlines takes a hit.
What’s going on with Wells Fargo?
It is definitely true that FTX’s incident is even bigger and more concerning than Wells Fargo’s. However, the bank is not very much behind. They have also been involved in fraudulent practices and have harmed millions of customers. In fact, this is not the first time the bank is doing this, as the authorities have called them “repeat offenders.”
The CEO of Ripple, Brad Garlinghouse, also tweeted about the same. He said that people are so outraged by the FTX incident that they are unable to see anything beyond it. Wells Fargo has also mismanaged billions of dollars in customer funds, but no one is talking about it.
This is where XRP users chipped in and blamed the SEC for failing to do the right thing. Neither were they able to protect FTX users nor Wells Fargo customers; rather, they have been going behind XRP for so long now.
The scandal at the 4th largest bank in the world
Wells Fargo has been said to have caused billions of dollars in harm to customers. Some of its customers have even lost their homes and vehicles because of the bank. The bank wrongfully assessed interest charges and fees in car and house loans which led to repossessions and misapplied customer payments. Customer Financial Protection Bureau fined the bank $1.7 billion as a civil penalty and $2 billion for mismanaging customer loans for 16 million users.
Wells Fargo refused to modify mortgages, leading to customers losing homes and vehicles. They also charged several illegal fees and charges and froze customer accounts. This shows how important it is to embrace self-custody because whether it is crypto or a bank, you can trust no one.
What are your thoughts as Wells Fargo was fined $3.7B for mismanaging customer funds? And do you think that no one is talking about it because it’s not crypto? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.
Also Read: FTX co-founder and ex-Alameda CEO plead guilty to fraud charges.
