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.
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
What was the lottery aspect? Damn $10k to just play with. That’s a different kind of life.
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.
Damn I guess I’m broke then. Thought I was doing alright.
Yeah, the number of people who area few missed paychecks or less away from being broke according to articles I have read is alarmingly high. Even tons of people earning 6 figures. Housing and food are such a high percentage of peoples expenses these days.
6 figures is getting by these days
Yeah, like in new york city you can’t afford a house on a low six figure income. But in mississippi you can buy a masion. The discrepancy is insane. I guess I am lucky because I don’t like big cities and can work remote.
Here is someone living that different life than the rest of us… https://news.slashdot.org/story/24/11/29/1323218/crypto-entrepreneur-eats-6-million-banana-on-stage 6 mil… just instructions. Didn’t even come with the banana apparently. And it wasn’t for charity either.
I remember this. Stupid haha. Makes me think about the pharma bro who bought the Wu Tang record
Yeah, both were really spending other people’s money that they got through fraud and such.
Some people say there is no way to be an ethical billionaire
I think it’s fair to say if there is a way, it’s a corner case. Like maybe one of Elon’s many kids turns out okay and ends up inheriting a few billion.
Unlike the saturday morning cartoons from when I grew up… evil pays.