Silicon Valley-based fintech Synapse faces intense scrutiny as regulators and customers seek answers over missing funds and the company’s collapse.
The fintech industry is grappling with a significant crisis as Synapse Financial Technologies, a once-prominent Silicon Valley firm, is now under a grand jury investigation. The company, which filed for bankruptcy in April 2024, is at the center of a scandal involving up to $96 million in missing customer funds. This development has left thousands of customers without access to their money and has raised serious concerns about the reliability and oversight of fintech intermediaries.
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