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

submitted 9 hours ago by [email protected] to c/[email protected]

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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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[–] [email protected] 27 points 8 hours ago* (last edited 8 hours ago)

There was no interest on Yotta accounts. Originally, when you signed up, you were given a lottery ticket everyday for every 25$ in the account. There was a lottery everyday where you could win up to 25000. Then they switched to games where you essentially gambled with the tickets that were given based on your amount.

I was once a member but pulled the money when interest rates started to rise. I was lucky.

I'll also note, when signing up, I was given the impression this FDIC insured.