2 ms·

I don’t really understand how the company that’s supposed to be holding your money vaporized 99.8% of it. I watched that video, but I don’t really get it.

unyttigfjelltol 2y ago
The overall recovery rate apparently is higher (like 70%?) and any shortfall at all is odd and requires an explanation. The reference to 99.8% shortfalls is related to Synapse being the record keeping system for deposits and failing to keep those records in a way that is reasonably accessible now that the company is in bankruptcy. So, anyone relying on missing records functionally has zero recovery because there are no records.
- daft_pink 2y ago
  So you are saying that most people got 70% of their money but the school teacher that deposited 280k and was left with $500 is a unique case for some reason? This is what I don’t grasp, how do you signup for 0.2% interest and then 99.8% of her funds are missing? This seems like a Ponzi scheme not a bank failure with terrible interest rates.
TuringNYC 2y ago
>> I don’t really understand how the company that’s supposed to be holding your money vaporized 99.8% of it. I watched that video, but I don’t really get it. Not only that, but the company has prominent executives and directors and none seem to be in trouble https://www.crunchbase.com/organization/yotta-saving https://www.crunchbase.com/organization/yotta-saving This hugely shakes my confidence in all emerging Fintech.
- 1oooqooq 2y ago
  and the current president own them decisive-campaign-donation sized favors
jowea 2y ago
What I gathered is that the answer is that nobody knows, since Yotta, Synapse and the actual bank are pointing fingers at each other and since Synapse outright collapsed they pay for an audit. I'm too lazy to check it myself, but I assume there's some court documents with the judge trying to figure out what to do.

unyttigfjelltol 2y ago

The overall recovery rate apparently is higher (like 70%?) and any shortfall at all is odd and requires an explanation. The reference to 99.8% shortfalls is related to Synapse being the record keeping system for deposits and failing to keep those records in a way that is reasonably accessible now that the company is in bankruptcy. So, anyone relying on missing records functionally has zero recovery because there are no records.

daft_pink 2y ago
So you are saying that most people got 70% of their money but the school teacher that deposited 280k and was left with $500 is a unique case for some reason? This is what I don’t grasp, how do you signup for 0.2% interest and then 99.8% of her funds are missing? This seems like a Ponzi scheme not a bank failure with terrible interest rates.

TuringNYC 2y ago

>> I don’t really understand how the company that’s supposed to be holding your money vaporized 99.8% of it. I watched that video, but I don’t really get it. Not only that, but the company has prominent executives and directors and none seem to be in trouble https://www.crunchbase.com/organization/yotta-saving https://www.crunchbase.com/organization/yotta-saving This hugely shakes my confidence in all emerging Fintech.

1oooqooq 2y ago
and the current president own them decisive-campaign-donation sized favors

jowea 2y ago

What I gathered is that the answer is that nobody knows, since Yotta, Synapse and the actual bank are pointing fingers at each other and since Synapse outright collapsed they pay for an audit. I'm too lazy to check it myself, but I assume there's some court documents with the judge trying to figure out what to do.