| ▲ | ctbeiser 15 hours ago | |
The accounts were genuinely FDIC insured. Evolve is a real bank. But a few months before the bankruptcy, Evolve pushed Synapse to move the money into non-FDIC insured brokerage accounts. As far as I can tell, this was: - a way to move a hole in the balance sheet from an FDIC insured to an uninsured place - completely illegal, insofar as the only user consent was a manual opt-out, and some users weren't even sent emails about the change. | ||
| ▲ | hipadev23 14 hours ago | parent | next [-] | |
> Evolve pushed Synapse to move the money into non-FDIC insured brokerage accounts Where can I read more? | ||
| ▲ | lxgr 14 hours ago | parent | prev [-] | |
Why would they do that? Are you implying that Evolve (and not Synapse) had a hole in their balance sheet? Is there any evidence of that? Otherwise, FDIC insurance wouldn’t matter here, no? | ||