When David Schulzinger’s wife faced a health emergency in 2023, he deposited around $53,000 into an account he held at Yotta Technologies Inc., a finance app that let users win cash prizes from their savings.
But Schulzinger lost access to his funds when Synapse Financial Technologies Inc., a middleman between fintechs such as Yotta and traditional lenders, failed the following year.
The cash isn’t gone, but Schulzinger and thousands of other people in his position can’t get their money out because Synapse, fintechs, and partner banks such as Evolve Bank & Trust didn’t keep track of how much was in ...
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