Synapse Data Spat Deepens Crisis Over Fintech App Users' Cash [BNN Bloomberg (Canada)]
MongoDB, Inc. - Class A (MDB)
Last mongodb, inc. - class a earnings: 3/17 04:05 pm
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Source: BNN Bloomberg
Former Federal Deposit Insurance Corp. Chair Jelena McWilliams, who was brought in to unwind Synapse after the company filed Chapter 11, said Wednesday during a bankruptcy hearing that database provider MongoDB Inc. has indicated it could soon delete a cache of Synapse data. The information is needed to accurately distribute more than $100 million to impacted customers and determine the origin of an estimated $65 million to $96 million shortfall, McWilliams has said. The dispute is the latest twist in an unfolding crisis for retail customers who used Yotta, Juno and other fintech apps that partnered with Synapse and lost access to their funds in May. During Wednesday's hearing, Yotta and Juno users described hardships and stress they've been under since losing access to their money. One Yotta user said she was recently laid off from her tech job and could be forced to sell her home to cover mounting bills; another said she may delay her education because she needs access to the $
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