It seems like the big problem with Yotta right now is that it is caught up in the Synapse fallout. These small financial firms advertised that their customers funds were insured, but didn’t hold them directly, they held them through intermediaries like Synapse who did have the US FDIC insurance. When Synapse collapsed, all the funds held by Synapse’s customers like Yotta got stuck in limbo.
It seems like the big problem with Yotta right now is that it is caught up in the Synapse fallout. These small financial firms advertised that their customers funds were insured, but didn’t hold them directly, they held them through intermediaries like Synapse who did have the US FDIC insurance. When Synapse collapsed, all the funds held by Synapse’s customers like Yotta got stuck in limbo.
https://www.cnbc.com/2024/07/02/synapse-fintech-fdic-false-promise.html