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A Reverse Bank Robbery: Bank Robs Customers

Discussion in 'Too Hot for Swamp Gas' started by chemgator, Nov 23, 2024 at 8:27 AM.

  1. Nov 23, 2024 at 8:27 AM #1
    chemgator

    chemgator GC Hall of Fame

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    This is bizarre. A financial technology firm called Synapse was handling transactions between a real bank (Evolve Bank) and a savings startup (Yotta), when it collapsed. No one knows where the money is. Synapse can't afford to do the reconciliation on the accounts, and $96 million is missing. People are being offered as little as a half penny on the dollar for their savings (the average customer is being offered $0.15 or so). It's being called a reverse bank robbery. Apparently there was no FDIC insurance on the accounts. People are getting tired of hearing "Yotta Yotta Yotta, there's no money left." Where is Sam Friedman when you need him?

    'I have no money': Thousands of Americans see their savings vanish in Synapse fintech crisis

     
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  2. Nov 23, 2024 at 8:13 PM #2
    BLING

    BLING GC Hall of Fame

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  3. Nov 23, 2024 at 9:30 PM #3
    docspor

    docspor GC Hall of Fame

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    If u have a gun u can rob a bank, if u have bank u can rob everyone