Each month, the ORX News team publish a list of the five largest operational risk losses reported in the previous month. Read on to find out which operational risk loss events have had the most impact recently in Q1 2023.
March 2023
1. The Euler Foundation – $191.6 million
Crypto lender Euler Finance loses up to USD 191.6 million in flash loan attack.
2. AirBit Club – $100 million
AirBit Club defrauds investors of around USD 100 million in crypto Ponzi scheme.
3. Wells Fargo & Company – $97.8 million
Wells Fargo to pay USD 97.8 million for facilitating transactions that violated US sanctions.
4. Swedbank – $80.5 million
Swedbank fined SEK 850 million over transaction failures due to weak internal IT controls.
5. First Mortgage Corporation – $31 million
First Mortgage to pay USD 31 million over fraud and breach of contract with mortgage lender.
February 2023
1. Mubadala Investment Company – $1.8 billion
IPIC and Aabar to pay USD 1.8 billion to settle 1MDB dispute.
2. TD Bank Group – $1.21 billion
TD Bank to pay USD 1.21 billion to resolve claims it enabled Stanford Ponzi scheme.
3. Trafigura Control Holdings Pte. – $577 million
Trafigura loses up to USD 577 million in fraud by commodity trader using fraudulent documents.
4. Société Générale – $157 million
Société Générale to pay USD 157 million to resolve claims it enabled Stanford Ponzi scheme.
5. Bonq DAO – $120 million
Bonq DAO loses USD 120 million following oracle hack.
January 2023
1. Canadian Imperial Bank of Commerce – $848m
CIBC ordered to pay USD 848 million in dispute over 2008 loan repayments.
2. Commerzbank – $216.2m
Commerzbank loses EUR 200 million in loans in alleged Wirecard fraud.
3. Coinbase – $100m
Coinbase agrees to USD 100 million settlement with NYDFS over AML failures.
4. BPCE – $79.4m
H20 to pay EUR 75 million for unauthorised investment in illiquid Windhorst-linked securities.
5. Nexo Capital – $45m
Nexo Capital to pay USD 45 million for unregistered sale of crypto asset lending product.
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