Bankruptcy proceedings against FlowBank

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I hope that anyone that had money on it receives it fast.

Weird phrasing on the email⁤ they just sent me and of course anything above the 100,000 CHF is just lost/stolen.⁣

I’m ultra happy that I never used my FlowBank account. I even forgot about it.⁢

Run away from Swiss banks, no secrecy or stability.
Money is safer under the mattress︀ or in crypto.
 
sure, but⁣ its not much better anywhere else really.

This era of -might makes right- is poison⁢ for having any kind of 3d party custody.

its not auto lost, but its part of the normal bankruptcy proceedings which can take︃ years to resolve. So you can get a part or almost all of it back︄ once the assets of the bank have been properly sold off.

Cash is trash as you deal with larger criminals than the︈ banks.
Crypto is a worse insider circle-jerk than banking with the added benefits of being︉ run by goofballs like here:





Only bitcoin is a serious alternative.
 
God! I hear you! stupi#21
It's like Satoshi had a crystal‍ ball in 2008 when he wrote that white paper: No trusted third parties EVER. It⁠ blows my mind how right he was. I learned this from a few old guys⁤ who then made me watch George Carlin when I was in my teens:





Here's where a nest egg somewhere else is essential. I'm terrified of this because, in the︁ meantime, what do people eat? What about their life-saving meds? cry&¤
I'm always eager︃ to learn, so I don't understand this, but I'll disclose what I know.
In my︄ experience, the ONLY criminals more dangerous than banks are multinationals, especially Big Pharma, and the︅ Attorney General of Minnesota, Mike Hatch, confirmed this in 2003.
Source: Follow the money :︆ the pharmaceutical industry : the other drug cartel. Minnesota Edocs: State Government Publications - Minnesota︇ Legislative Reference Library

The source where this investigation report is found on the Minnesota Legislative Reference Library: https://www.lrl.mn.gov/docs/2004/other/040640.pdf

A few days prior to this, the Attorney General of the USA under Bush,︋ John Ashcroft, traveled to Minnesota to try to persuade and intimidate Mike Hatch NOT to︌ release the report. Mike stood his ground and personally & professionally suffered greatly! #508: 09-18-03︍ *******MEDIA ADVISORY******* ATTORNEY GENERAL ASHCROFT TO TRAVEL TO MINNESOTA, NEBRASKA AND MISSOURI

So, I have︎ NEVER met a "street thug" worse than the above-mentioned criminals, so I would like to️ learn the (general) identity of the following group:
???? Which larger criminals are you referring to????‍ 🙄

😳😳Holy Moly! Something about Vitalik's physiognomy⁤ and facial microexpressions has ALWAYS struck me as a wholly untrustworthy person! I don't know⁣ what it is, but Vitalik straight-up gives me the creeps. ca#"!
 
i meant govs (more dangerous to me) but on the other hand its just an︄ extension of multinationals.
Mentioned it from the angle some banana republics just cancel bills. e.g.︅ I have some old philippine pesos which have apparently been declared worthless so now I︆ can only use them to treat my diarrhea. 😉 (other cash bills had the same issue).︇
yup. Its an issue.
 
smi(&% Sorry! I worked until 06:00 in the‌ morning to ensure all shipments were on the container. I slept just a bit, and‍ this one went RIGHT over my head. rof/%
Got you! Understood. Yeah, the religion of gov.⁠ is just H3LL! stupi#21
 
I think they lost my confidence when they‍ allowed this broker app to be called "bank".
Though I was still a Flowbank user⁠ but after that I looked at the Swiss banking system in a different perspective.
I only kept a basic minimum cash and some stocks there to make sure they won't⁤ suddenly close my account, and I enjoyed their IBAN smi(&%
I consider it as a fee⁣ I paid to them to use their payment system, actually I deposited a big amount⁢ when they opened my account and I got a free stock from them, so maybe︀ I'm still in + smi(&%

That and this is actually good for crypto.
 
There is news. Oh no, I don't want that because I only have EUR:

- conversion of deposits in foreign currencies into Swiss francs (CHF) at the rates applicable at‌ the Opening of the Bankruptcy. damn_(

It's a mess to simply change the currency without permission.‍ Lots of exchange fees plus exchange rate fluctuations. Later I have to change back to⁠ EUR and again fees. Just trouble.
 
Does anyone have any news? I received an email on Tuesday (25.06.) stating that I‌ would receive information on Wednesday (26.06.) how to receive the money, but nothing has come‍ yet. Is it the same for you?
 

FlowBank shareholders considering legal action to oppose forced bankruptcy​


https://fxnewsgroup.com/forex-news/...ring-legal-action-to-oppose-forced-bankruptcy
-- quote start

FlowBank’s controlling‌ shareholders, led by founder and CEO Charles-Henri Sabet, have apparently engaged the services of Thomas‍ Borer, a former Ambassador of Switzerland to Germany, who now runs strategic consulting firm Dr.⁠ Borer Consulting. (Crypto investment firm CoinShares is also a major backer of FlowBank, and⁤ has already indicated it will take an impairment charge of more than £21 million to⁣ write off its FlowBank investment). The group plans to look at “all necessary legal avenues⁢ to challenge FINMA’s decision,” in order to protect shareholders’ rights.

The group apparently claims that︀ FINMA’s decision was erroneous and that FlowBank indeed had the required levels of capital to︁ operate and maintain its Swiss bank license.


-- quote end

Could get interesting 😛.
 
This is the next euro pacific bank case. Will taking years to get any money‌ out of the bank with million of dollars to disappear in the lawyers and owners‍ pockets ?
 
If they decide to take it to court, the whole process will get dragged out‌ months if not years. The only way it's quick is if either party has overwhelming‍ evidence. While not flawless, I doubt FINMA would take such a drastic decision without solid⁠ grounds.

Hoping for the best for the depositors.
 
100%! You didn't even need the question mark! You⁠ are right on the money!

PS. I'm NOT even counting on that money anymore (as⁤ it wasn't much anyway).
 
Oh no, you're scaring me, I need the money and especially the⁠ securities! I can't wait months or years. ja334¤¤#
 
These are 100% fine! (I hope...I have‌ some too).
The funds up to CHF100K should also be fine, but I wouldn't be‍ surprised if they devised some BS to circumvent this. 🙄

I don't even know what to⁠ say or think ...
 
The fact that the lawyer did not get in touch on Wednesday (26.06.) as⁤ announced because of the repayment of the money is something fishy and there could actually⁣ be something going on. nai¤%
 
The only question in my head is none of this is my fault. if I'm‌ a customer who has shares, I deserve to transfer it to any other other bank‍ immediately. Maybe some customers of this bank can try reaching out to the liquidator which⁠ the bank assigned and ask him to transfer assets out ?
I mean as a⁤ customer you have the right to do so. You don't need to wait for the⁣ bank to solve its problems.
 
It's a bank, not an⁢ EMI. We don't know how much of your funds are actually safe/available. Worst case, Flowbank︀ is completely insolvent and can't pay back a single Swiss franc. You then have to︁ wait for deposit insurance to be paid out.
 
I'm not talking about cash but stocks
The bank should allow me⁤ to transfer stocks to another bank/broker immediately.
 
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