Synapse bankruptcy trustee says $85 million of customer savings is missing in fintech meltdown
How much money do the partner banks actually have that is supposed to be linked to these customer accounts?
The partner banks of fintech middleman Synapse are holding $180 million, which is associated with the customer accounts. However, the customers of fintech firms that used Synapse to link up with banks had a total of $265 million in balances. This means there is an $85 million shortfall between what the partner banks are holding and what depositors are owed.
What is the total amount of customer balances reportedly held by fintech firms using Synapse as a middleman?
The total amount of customer balances reportedly held by fintech firms using Synapse as a middleman was $265 million. However, the banks themselves only had $180 million associated with those accounts, leading to an $85 million shortfall.
What is the specific amount of the shortfall identified in the Synapse bankruptcy case?
The specific amount of the shortfall identified in the Synapse bankruptcy case is $85 million. This shortfall is between what partner banks of fintech middleman Synapse are holding and what depositors are owed.