Re:(FinTech) Synapse has collapsed, 10M consumers, 100s of f...
by BugsJustFindMe on Sunday May 26, 2024 @01:30PM
(#40483879)
> As of right now, there is no indication that any customer money is missing.
I haven't been following this very closely, but the last I heard the problem was that they had no records of how much money should go to each customer. Even if all the money is there, it's in a big pool all together, and you can't get it back if you can't prove how much of the pool is yours.
As of right now, there is no indication that any customer money is missing.
At the bankruptcy hearing, a lawyer for one of the banks testified that the money at their bank is still there, but frozen. The money was in a single pooled account and Synapse was in charge of giving them the information they needed to do all the compliance and anti-money laundering checks, as well as figure out how much of the pooled money belonged to any individual customer. The bank no longer is getting that info, ergo the money has been frozen and will sit there until it is all sorted out.