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

submitted 1 month 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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[–] QuadratureSurfer@lemmy.world 46 points 1 month ago (1 children)

The mystery of where those funds are hasn't been solved, despite six months of court-mediated efforts between the four banks involved. That's mostly because the estate of Andreessen Horowitz-backed Synapse doesn't have the money to hire an outside firm to perform a full reconciliation of its ledgers, according to Jelena McWilliams, the bankruptcy trustee.

So you're telling me that a company which manages $42 billion worth of assets doesn't have the money to hire a firm to track down where all of the money was transferred to? https://en.wikipedia.org/wiki/Andreessen_Horowitz

[–] shoulderoforion@fedia.io 15 points 1 month ago (1 children)

what surprised me about this, is, with as much money that's at stake, how the hat couldn't have been passed around to the stakeholders, to fund, then get the court to order an accounting using the plaintiffs forensic accountants. something about that doesn't make any sense to me at all.

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

Because they don't want the crime exposed for whatever reason.