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'I have no money': Thousands of Americans see their savings vanish in Synapse fintech crisis (www.cnbc.com)

submitted 5 days ago by shoulderoforion@fedia.io to c/technology@lemmy.world

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CNBC spoke to a dozen customers caught in the Synapse fintech predicament, people who are owed sums ranging from $7,000 to well over $200,000.

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[–] SaharaMaleikuhm@feddit.org 24 points 5 days ago (3 children)

Risky investment turns out to be risky. No one could have seen that coming.

[–] booly@sh.itjust.works 18 points 5 days ago (1 children)

This isn't about shareholders being wiped out. It's about account holders of what they thought were bank accounts losing everything because their accounts were powered on the back end by a company they'd never heard of or directly dealt with.

[–] Dkarma@lemmy.world 1 points 4 days ago

Scam bank sounded like a scam to begin with.

[–] clutchtwopointzero@lemmy.world 17 points 5 days ago* (last edited 4 days ago) (1 children)

If you see this as investment, then consider that investors were lied to (the startups claimed to have FDIC coverage) and didn't have accurate information to assess the risk.

[–] bitjunkie@lemmy.world 1 points 4 days ago

Synapse lied to the fintechs, too.

[–] Grandwolf319@sh.itjust.works 0 points 4 days ago (1 children)

Yeah, it’s almost weird that it’s news.

Imagine if they made news after a big fight about people who gambled and lost.

Imo the bigger news is the financial illiteracy of the average person.

[–] sunzu2@thebrainbin.org 1 points 4 days ago

Damn funny how this bravado is never around for the svb failed... The rich got bailed and normies said it was good.

Normies get ducked here and other normies come out in droves to dunk on them.

Microcosm of USian culture haha