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.

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.
  • hesusingthespiritbomb@lemmy.world
    451·
    1 day ago

    Honestly I have a lot of sympathy for these people.

    It’s one thing to invest in some moonshot crypto. It’s another to invest in something claiming to be FDIC insured. There’s also not a good way of verifying that information to the extent the victims would have needed to know something was amiss.

    It seems like the FDIC was asleep at the wheel, and didn’t really know or give a shit that someone was leveraging them to mislead consumers. Instead of actually fixing the problem, they just washed their hands of it.

    You can call Trump the devil all you want, but the system was broken long before he came on the scene.