Metropolis, Hek - Dynasty Banking [DB] may never recover from the security flaw that completely shut down teller activities earlier this month, sources within the bank confirmed.
On June 14th, a critical vulnerability exposed Dynasty Banking's entire database for several hours. Given the nature of the vulnerability, the entire set of data was considered tainted and subsequently removed by [DB] technicians. An anonymous source described the severity of the situation using these words: "Account balances, sensitive customer data, transactions, everything. It was all there..."
Following initial reassurances of a prompt recovery, Dynasty Banking's management has since gone silent and it is presently unknown whether ISK withdrawals are being honored at all. Exec Order, Head of Dynasty Banking's Investments confirmed all personnel are still waiting for an update from their CEO. While he still hopes they can push through this difficult time he also says: "I am beginning to get concerned since I am getting no response from Manalapan."
Dynasty Banking's solvency also appears to be in question. Unconfirmed rumors indicate that Manalapan had initially tried to honour widthrawal requests, but had run into "problems."
LaVista Vista, a well known industrialist in some circles, believes Dynasty Banking has been facing a liquidity crisis since Xabier's scam. He believes the bank could have avoided the present situation: "[DB] biggest flaw was the lack of actual communication... Had [bank's management] gone out and assured it's customers that everything was fine, they might have prevented a sizeable run on the bank", he says.
Shar Tegral, former Dynasty Banking auditor, gives more insight on the alleged liquidity issues: "[a few days ago, Ebank's CEO] took an emergency call from Manalapan... even though [Dynasty Banking] was offline Manalapan was trying to manually process depositor withdrawal requests and had finally hit the liquidity wall... [Dynasty Banking] was asking for assistance from eBank... [but] given the lack of collateral, the managing of the crisis that Manalapan had failed to do, and their own recent troubles... eBank decided to refuse such a request".
As the days go by, Dynasty Banking customers are growing worried. Salpad, a bank's customer, says: "I hope things will work out, but I'm not optimistic". Packtu'sa, another customer, echoes: "it is clear that [Dynasty Banking] is not handling this in a reasonable manner." RiverSena adds that this has even shaken his confidence in banking as a whole: "I will never use another bank again. Unless [Dynasty Banking] comes back and I get access to my cash I'm done with banks."
[DB] employees share customers' worries too. Exec Order gives a picture of the mixed moods amongst staff: "imagine how our day-to-day staff feels, several of them have put more than a year's worth of time into this. We are not quite ready to toss in the towel, but we are also very concerned."
At the time the security flaw was discovered, the bank had 879 customers and roughly 645 Billions between regular accounts and Certificates of Deposit. According to Shar Tegral, of the 879 open accounts, the majority show figures of 1 Billion ISK or less, meaning that an eventual default will hit hard among those with medium to small savings.
It is still uncertain whether Dynasty Banking will default or liquidate it's remaining assets. Interstellar Correspondents will continue monitoring the situation and report on any further development.
Are you affected by the events in this article? Do you have information regarding another event in New Eden? If so, please contact us with any information that you may have.
Want to become a news correspondent with IC? We are recruiting.