Nearly $109 million in deposits held for fintech Yotta’s consumers vanished in Synapse collapse, bank suggests

Nearly 9 million in deposits held for fintech Yotta’s consumers vanished in Synapse collapse, bank suggests

Essential Details

Ledgers of the failed fintech middleman Synapse display that approximately all the deposits held for buyers of the banking application Yotta went lacking weeks ago, in accordance to one particular of the creditors concerned.
A community of eight banking institutions held $109 million in deposits for Yotta buyers as of April 11, Evolve Lender & Trust mentioned in a bankruptcy court letter submitted late Thursday.
About just one thirty day period later, the ledger confirmed just $1.4 million in Yotta funds held at 1 of the banking institutions, Evolve explained.
In a letter despatched Thursday, bankruptcy trustee Jelena McWilliams pleaded with 5 U.S. regulators to get far more associated in the Synapse collapse.

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