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A ‘banking as a service’ provider collapsed, but where did the money go?
Thousands of people say they’ve collectively been locked out of more than $30 million due to the bankruptcy of fintech middle-man Synapse.
CNBC reports federal agencies like the FDIC don’t cover nonbanks like Synapse, and “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.”
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