The Rise and Fall Of Modern Banking | Synapse and Yotta Collapse

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I have about $20,000 frozen in Yotta. I never used the gaming features, I just wanted an account with the bucket feature. Luckily, I’m a natural saver and I have several other bank accounts that hold the majority of my money. For me, it’s only been an annoyance so far, but it’s still maddening since I worked hard for that money.

Graham Stephan is getting ripped apart over his part in promoting Yotta. The comment section on his last video is on fire after the Coffeezilla expose. It will be interesting to see how all this plays out. 6/6/2024 update AskSebby is also trying to hide/ignore the fact they he was a Yotta bank investor/promotor, even before Graham Stephan. In fact, it was his video that that led me to open an account with Yotta back in 2020. His videos on Yotta are now deleted and he is deleting my comments asking for him to do an update on the situation.

Thank you for going into all of this!

Wow thanks for covering this. Really well executed. Lot of people oversimplifying this or missing the point.

Between RushCard, Beam, and now Yotta/Synapse, it serves as a lesson to not put all your eggs in one basket. I keep my cash divided between three main interest-bearing accounts. AFAIK, none have any common middleman. My main checking account, where my direct deposit goes to and my , is a "real" bank with a bank charter and FDIC insurance.

Thank you, at least one person has their head on straight explaining this situation. I'm extremely frustrated and disappointed in Coffeezilla's coverage of the situation. With the tumbnail he's using and the fact that he's using the first half of the video as some kind of personal takedown of Yotta specifically, when Yotta's deterioration as a service is ultimately not the reason people have lost access to their money. Te's giving the wrong impression to a lot of people who only pay attention to the first few minutes of a video, that Yotta itself was a scam, and that it's victims' own fault for falling for it, when Yotta itself is also a victim to an extent. Or that Yotta was always as bad of a service as it became in the last few months, when the majority of the sponsorships happened, before things fell apart. Now even the Yotta subreddit thread where the video was posted itself is full of people pointing and laughing at the rubes that fell for the Yotta scam, seemingly unaware of the synapse/evolve situation at all. His video might actually have done more harm than good to the perception of legitimacy for the situation.

This was a finance documentary...ART!!! great video!!!

Awesome video! Thanks for the breakdown. Just subbed!

Great video man, well explained

This was great, thanks for covering this. It is still frustrating. As for me, I will take the approach of not putting all my eggs in one basket. I will use fintech's if they have a feature set I want, but I will never put that much money into any of them ever again.

The moment there was a discrepancy between ledgers between Evolve and Synapse, that should have triggered a predetermined set of steps to be followed by both/all companies to quickly resolve the issue. How could they not have had the foresight to have cya (cover your ass) steps in place? It boggles my mind how the discrepancy was allowed to pass for however long before Evolve decided to freeze everything? How was it that this scenario wasn't thought possible by everyones legal representatives (Evolve, Synapse, and Yotta)? Everyone should've had their bases covered in case of x, y, or z, and it's clear they did not have a plan in place

Fascinating! I wonder what other companies are at risk due to having a similar setup? Robinhood cash? Marcus ?

You think it's bad now, wait six months. The next boom is going to be "decentralized investments"

Great video, thanks for covering this. What a disaster!

Great explanation!

Ask Sebby and Graham Stefan owe Yotta customers money for the damage they caused. Anyone who gave money to Yotta and/or Synapse for an ownership stake owes their victims compensation for the late fees and interest they incurred because of their actions. Sebby and Graham promoted Yotta and never posted a video warning people of the red flags. At least you did videos about the red flags Yotta had raised.

who is here who got locked out their money in yotta? my account 1300usd got locked out too. good thing i pulled out my 10k prior this stupid issue to pay off my 2 cars. damn! i couldn't be more lucky!

The only way to fix this is to make this a jailable crime

Also, do you know if this is going to affect cash app or chime? Those are the only two other accounts I have and this whole thing has made me kind of scared to use any of these apps