this post was submitted on 22 Nov 2024
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'I have no money': Thousands of Americans see their savings vanish in Synapse fintech crisis (www.cnbc.com)
submitted 2 months ago by [email protected] to c/business
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[–] [email protected] 17 points 2 months ago (2 children)

And even if you do, why on earth would you keep your money there when they lay off half their staff (more than a year ago) and then file for bankruptcy (more than 6 months ago)?

[–] [email protected] 4 points 2 months ago (1 children)

Key Points

  • Thousands of Americans will receive little or nothing from savings accounts that were locked during the collapse of fintech middleman Synapse.
  • Customers believed the accounts were backed by the full faith and credit of the U.S. government.
  • CNBC spoke to a dozen customers caught in the predicament, people who have lost sums ranging from $7,000 to well over $200,000.
  • While there’s not yet a full tally of those left shortchanged, at fintech Yotta alone, 13,725 customers say they are being offered a combined $11.8 million despite putting in $64.9 million in deposits.
[–] Anticorp 1 points 2 months ago (1 children)

Okay, is anyone going to jail, or are they just going to walk away Scott free with everyone's money?

[–] [email protected] 2 points 2 months ago (1 children)

There is a group for the victims trying to get their money back but don't hold your breath waiting for justice.

[–] Anticorp 1 points 2 months ago

I've seen that movie! Fun with Dick and Jane. Great movie!

[–] [email protected] 1 points 2 months ago

Most people don't follow news like that.