{"id":88470,"date":"2024-06-10T00:42:47","date_gmt":"2024-06-10T04:42:47","guid":{"rendered":"https:\/\/www.hedgeco.net\/news\/?p=88470"},"modified":"2024-06-10T00:47:27","modified_gmt":"2024-06-10T04:47:27","slug":"synapse-bankruptcy-trustee-says-85-million-of-customer-savings-is-missing-in-fintech-meltdown","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/06\/2024\/synapse-bankruptcy-trustee-says-85-million-of-customer-savings-is-missing-in-fintech-meltdown.html","title":{"rendered":"Synapse bankruptcy trustee says $85 million of customer savings is missing in fintech meltdown"},"content":{"rendered":"\n<p>(CNBC) Customers of fintech firms that used Synapse to link up with banks had $265 million in balances. But the banks themselves only had $180 million associated with those accounts, trustee Jelena McWilliams said in a\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.cravath.com\/a\/web\/gKmGbBUpGz6GYGamAkJ1T1\/91TmuQ\/9890-250-06_06_2024-pacer250-main-document-012731-00001-central-district-of-california.pdf\" target=\"_blank\">report<\/a>\u00a0filed late Thursday. The missing funds explain what is at the heart of the\u00a0<a href=\"https:\/\/www.cnbc.com\/2024\/06\/01\/synapse-bankruptcy-yotta-accounts-locked.html\">worst meltdown<\/a>\u00a0in the U.S. fintech sector since its emergence in the years after the 2008 financial crisis.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.cnbc.com\/2024\/06\/07\/synapse-bankruptcy-trustee-85-million-of-customer-savings-is-missing.html\">To read this article:<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(CNBC) Customers of fintech firms that used Synapse to link up with banks had $265 million in balances. But the banks themselves only had $180 million associated with those accounts, trustee Jelena McWilliams said in a\u00a0report\u00a0filed late Thursday. The missing [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-88470","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/88470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=88470"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/88470\/revisions"}],"predecessor-version":[{"id":88471,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/88470\/revisions\/88471"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=88470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=88470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=88470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}