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'I have no money': Thousands of Americans see their savings vanish in Synapse fintech crisis (www.cnbc.com)

submitted 13 hours ago by shoulderoforion@fedia.io to c/technology@lemmy.world

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CNBC spoke to a dozen customers caught in the Synapse fintech predicament, people who are owed sums ranging from $7,000 to well over $200,000.

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[–] 2001aCentenaryofFederation@fedia.io 42 points 12 hours ago (5 children)

I'm not from the US so unfamiliar with any of this, but having followed the link to the Yotta website from the article, it is a... gambling site? What leap is missing that people would entrust their savings to gambling?

[–] comador@lemmy.world 38 points 12 hours ago (3 children)

Might as well be a gambling site: It was a startup bank with no Federal backing (FDIC) that appears to have promised greater returns than traditional banks by investing your money and giving you some of the profits back from dividends.

Still, it was a startup that wasn't fully vested nor backed federally to secure people's deposits. Sad.

[–] clutchtwopointzero@lemmy.world 4 points 5 hours ago

Wow. Stochastic interest payouts. Another lamentable perverted contribution coming from irresponsible MBA schools

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