alt Hacker NewsFDIC insures deposits up to 250k. Big institutions basically all have this government backing. If an incident occurs, FDIC has deposits available next business day in event of a bank failure
FDIC insures deposits up to 250k. Big institutions basically all have this government backing. If an incident occurs, FDIC has deposits available next business day in event of a bank failure
FDIC insurance is mostly unrelated to this. If someone hacks a brokerage, sells a bunch of customer assets for cash, adds new bank accounts for those customers, and then withdraws that cash to those new bank accounts, FDIC insurance does not help at all.