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Nearly $109M in Yotta (YC S20) customer deposits vanish

• cko 2y ago
  Published Fri, Jun 21 2024 11:23 AM EDT Updated Fri, Jun 21 2024 5:13 PM EDT
• sureglymop 2y ago
  Can anyone explain what the Yotta app actually is? From a quick glance it looks to be a gambling app.
  • segasaturn 2y ago
    They claimed to be a bank (savings account) that would give users free lottery tickets for saving money on their app. After freezing customer assets on the app, they pivoted to gambling. Customer funds are still frozen last I checked. Their launch HN thread here: https://news.ycombinator.com/item?id=23780062 https://news.ycombinator.com/item?id=23780062 Coffeezilla has a good video exposing the fraud: https://www.youtube.com/watch?v=bBUkajbg688 https://www.youtube.com/watch?v=bBUkajbg688
• danielscrubs 2y ago
  They moved fast and broke things?
  • ycombinatrix 2y ago
    I don't think it worked in the first place