this post was submitted on 23 Nov 2024
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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.
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[–] brossman@infosec.pub 8 points 15 hours ago (1 children)

not a huge sum, but I had $10k in it, because it was a fun bullshit app that scratched the lottery itch despite it earning less than regular interest over my time with it

[–] venusaur@lemmy.world 4 points 11 hours ago (1 children)

What was the lottery aspect? Damn $10k to just play with. That’s a different kind of life.

[–] Modern_medicine_isnt@lemmy.world 1 points 7 hours ago (1 children)

Isn't $10k like one months mortgage on a house in the bay area? And just swing by vegas... plenty of people spending that kind of money. It may seem like a different kind of life, but often it is just a different location. They often live a lot like the rest of us... thier emergency fund might last 2 months instead of one, but they are still pretty close to broke if they lose thier job. When someone starts dropping $100k... that is a different life.

[–] venusaur@lemmy.world 1 points 2 hours ago

Damn I guess I’m broke then. Thought I was doing alright.