> Ross had approximately $1 million stored in two [cyrptocurrency] exchanges when he was attacked, according to a report by investigators.
You know what happens if someone tries this with your brokerage? It takes three days, not one hour, there's a name on the destination account (know your customer), it takes days (at least) to withdraw money from it, and there's a medallion signature on the transfer, so your brokerage is on the hook for it.
There's a reason fraudsters are targeting cryptocurrency exchanges: arguably less security, but more importantly, it's easy to quickly and irreversibly transfer the money.
You know what happens if someone tries this with your brokerage? It takes three days, not one hour, there's a name on the destination account (know your customer), it takes days (at least) to withdraw money from it, and there's a medallion signature on the transfer, so your brokerage is on the hook for it.
There's a reason fraudsters are targeting cryptocurrency exchanges: arguably less security, but more importantly, it's easy to quickly and irreversibly transfer the money.