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Fintech Apps - Yotta Funds Missing

Beware of nonbank fintech apps promising good yields. These fintech intermediaries may only do recordkeeping for gross funds deposited with them but hold by them at the FDIC-insured banks. The customers aren't connected directly with those FDIC-insured banks (or, those banks aren't aware of the individual depositors), but they are confused by misleading references to FDIC insurance. So, when the money goes missing, the chase for money starts and customers, fintech, banks point fingers at each other.
Well, this isn't hypothetical - Yotta-Synapse have managed to lose $109 million of customers' money.
Ken Tumin/X https://x.com/KenTumin/status/1806063471668375680
CNBC https://www.cnbc.com/2024/06/21/synapse-collapse-nearly-109m-in-yotta-customer-deposits-vanish.html
https://synapsefi.com/solutions/neobanking

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