Wells Fargo Outage Met with ‘I Told You So’s from Cryptocurrency Users
Cryptocurrency users got a big chuckle and a dose of vindication when Wells Fargo bank had its mobile app and online banking platforms shut down due to a power outage.
There are times when karma is especially delicious. Ever since Bitcoin crawled out of the digital muck, mainstream financial institutions have dismissed it entirely. (Of course, many of them are now singing a different tune as they attempt to get their own piece of the blockchain/cryptocurrency pie.)
Banks have been harsh in their criticism of virtual currencies over the years, which is why many crypto fans got a hearty laugh when Wells Fargo had many of their services shut down recently due to a power outage.
Wells Fargo Goes Dark
Last Thursday, Wells Fargo found themselves in the midst of a power outage that affected their mobile banking app and online banking platforms. The bank told ABC News, via company spokeswoman Jennifer Langan, that:
We’re experiencing system issues due to a power shutdown at one of our facilities, initiated after smoke was detected following routine maintenance. We’re working to restore services as soon as possible. We apologize for the inconvenience.
The bank, founded in 1852, was able to eventually restore services later in the day, but a great deal of ribbing was done at their expense on social media. Cryptocurrency enthusiasts were quite gleeful in poking fun at the bank, saying the decentralized nature of virtual currencies could handle such problems much easier.
One tweet read, “This situation with Wells Fargo System being shut down should wake up the American public. Guess what!! #Litecoin network does not close!! Wells blamed this system shutdown on smoke in one of their offices lol!!”
Temporary Problem but Trust Still an Issue
The power outage was fixed later in the day, so the bank’s customers only had a few hours of being unable to access their accounts. To be fair, the cryptocurrency ecosystem is not without faults of its own.
There are still some scams being run to take advantage of the gullible. Then there’s the problem of having access to one’s crypto wallet cut off completely as is the case with QuadrigaCX, the Canadian crypto exchange that lost access to $145 million in crypto due to the death of its CEO, the only person who had access to the private keys for the wallets.
Of course, it should be noted that Wells Fargo is in no position to throw stones at others, particularly cryptocurrency. It was just a few years ago that the bank was fined $185 million over a fraudulent accounts scandal in which the bank created roughly 3.5 million fraudulent savings and checking accounts of the bank’s customers without their consent. They also issued debit and credit cards without consent as well in order to gain extra fees. This scandal resulted in the bank’s CEO resigning.
A new scandal erupted in 2018 when it was discovered that the bank was forcing customers to buy auto insurance policies that were not necessary. Wells Fargo is facing the possibility of a billion dollar fine for this action.
What do you think about cryptocurrency enthusiasts poking fun at the Wells Fargo power fiasco? Let us know in the comments below.
Images courtesy of Pixabay and Wikimedia Commons/@MiosotisJade.