Lmst

@Nonilex interestingly despite the more or less wholesale dismantling of the #CFPB, they did finally see fit to intervene in the #Synapse bankruptcy where ~$90 million of customer money went missing because of #EvolveBank's shenanigans (also famous as the bank of #FTX and #GeorgeSantos's campaign)

https://x.com/mikulaja/status/1936785008754073982

funny how the guy who is surrounded by queestions involving campaign finance fraud (and whose campaign banked at the same crypto friendly/recently hacked by russia bank as #GeorgeSantos) doesn't have a clear grasp of the laws of the united states...

https://campaignlegal.org/document/clc-alleges-andy-ogles-deliberately-filed-false-reports-conceal-fake-loan

#AndyOgles #EvolveBank

oh look, another #fintech bankruptcy involving Evolve Bank & Trust.

some other fun places Evolve has popped up:

1. issuer of #FTX and #BlockFi debit cards (before those companies blew up and customers lost all their money)
2. #GeorgeSantos and #AndyOgles held their campaign money at Evolve
3. #Synapse bankruptcy which cost customers of a bunch of fintech "banks" like #Yotta most if not all of their money
4. Partnered with "anti-woke" fintech #GloriFi
5. Got hacked by Russia midway through Synapse bankruptcy proceedings
6. Anonymous crypto debit card issuer for #ZELF
7. Frequently found to be the bank used by #pigbutchering fraudsters
8. Sanctioned by federal reserve for #moneylaundering

The fact that Evolve has not been shut down is insane. Banking system cannot survive if these kinds of bad actors roam free like the wind.

* more on Evolve: https://fintechbusinessweekly.substack.com/p/evolves-problematic-partners-bankruptcies
* even more: https://fintechbusinessweekly.substack.com/p/evolve-hit-with-fed-enforcement-action

#EvolveBank #EvolveBankAndTrust #finreg #Banking #uspol #AML #BaaS #Russia #putin

SCOOP: Another BaaS platform bankruptcy (yes, it involves troubled Evolve Bank & Trust)

BaaS platform Solid declares bankruptcy; it had partnered with Evolve Bank & Trust, CBW Bank & Lewis & Clark Bank.

What we know:

Solid memorably was sued by its own investors, FTV, who accused the company of manipulating revenue numbers during its Series B fundraise. The matter was ultimately settled with Solid buying back FTV's stake at a 56% discount.

Solid and Evolve have also been embroiled in lawsuits stemming from Solid's relationship with EZBanc, an entity with links to a convicted Russian money launder.

Suits stemming from the EZBanc relationship accuse Solid and Evolve of fraud, negligence, and breach of fiduciary duty, among other allegations.

Now, the company is seeking Chapter 11 bankruptcy protection, according to a petition filed in U.S. Bankruptcy Court in Delaware on Monday, April 7th.

NYT deep-ish dive on the world's largest cryptocurrency driven marketplace for drugs, weapons, #moneylaundering services, slaves, etc: #HuioneGuarantee in Camboida.

* NYT: https://www.nytimes.com/2025/03/23/world/asia/cambodia-money-laundering-huione.html
* no paywall: https://archive.ph/CGkoc

#crypto #crime #cambodia #myanmar #SEAsia #pigbutchering #crime #corruption #Tether #EvolveBank

more great reporting from Jason Mikula on the #a16z / #MarcAndreessen backed financial disaster known as Synapse, the middleman behind Yotta and others that lost track of (and maybe lost) most of their customers’ money.

Andreessen’s desire to eliminate the #CFPB for “terrorizing” #fintech companies like Synapse suggests a desire to keep backing companies that will strip mine the wallets of uneducated consumers.

Seen also: Evolve Bank & Trust (a bank popular with players like #FTX and #GeorgeSantos), #VoyagerDigital (a crypto company backed by #MarcCuban that incinerated user deposits in 2022), and #MetropolitanCommercialBank (#MCB), a NY institution beloved by the far right in Israel.

https://fintechbusinessweekly.substack.com/p/regulators-should-conduct-material

#EvolveBank #EvolvebankAndTrust #Yotta #Synapse #JasonMikula #FintechBusinessWeekly

#Fintech #Syanapse and #Yotta thing still in the news. #EvolveBank Some customers being offered pennies on the dollar.
'The mystery of where those funds are hasn’t been solved, despite six months of court-mediated efforts between the four banks involved. That’s mostly because 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, according to ... the bankruptcy trustee.'
https://finance.yahoo.com/news/no-money-thousands-americans-see-223556135.html

@JessTheUnstill interesting fact: the #Synapse partner bank where all these issues are stemming from, Evolve Bank & Trust, has a bunch of fun properties:

1. Issuer of the #FTX debit card
2. Used by George Santos and Andy Ogles to store campaign funds
3. Banking partner of #PrimeTrust, the Nevada crypto custody company that collapsed in 2023
4. Banking partner of #BlockFi, one of the crypto "banks" that went down with the good ship FTX.
5. Recently hacked by Russians
6. Recently hit with a major fed enforcement action

Also Synapse was backed in a big way by Trump loving #a16z and Marc Andreessen.

Some more details:

https://fintechbusinessweekly.substack.com/p/evolve-hit-with-fed-enforcement-action

#marcandreessen #EvolveBank #EvolvebankAndTrust #crypto #cryptocurrency #Bitcoin #ethereum #BTC

🤑 George Santos and Andy Ogles, two well known pillars of virtue, held their campaign's money at the same bank that issued the #FTX debit cards, partnered with organized crime connected #crypto disaster #PrimeTrust, and can't find tens of millions of dollars of #Yotta's customers' money... #EvolveBank

details at the always excellent Fintech Business Weekly here: https://fintechbusinessweekly.substack.com/p/why-did-political-campaigns-suddenly

oh, and also: #DanFriedberg, the lawyer for FTX, #Tether, and the #UltimateBet fraud, was one of Santos's biggest donors 🤔

#moneylaundering #uspol #uspolitics #election2024 #2024Election #AndyOgles #GeorgeSantos #corruption #Synapse #Yotta #EvolvebankAndTrust #cryptocurrency #SBF #Russia #China #fintech