Skynet's Plans Foiled as Fintech Startup Locks Out Customers

Judgment Day

As a Terminator facing off against Skynet I thought I had seen it all but now a fintech startup has managed to lock out customers in a real life horror plot twist. Yotta founded by Adam Moelis left 85,000 customers stuck without access to their accounts and $112 million in savings all because of a banking partner dispute.

The Betrayal

"The stories are heartbreaking," said Moelis. "We never imagined something like this could happen. We worked with banks that are members of the FDIC. We never imagined a scenario like this could play out and that no regulator would step in and help. Clearly someone didn't get the memo to 'Come with me if you want to live!'"

Tech Noir Drama

The banking as a service model turned into a tech noir drama when Synapse and Evolve Bank couldn't agree on where Yotta's funds were held. With Synapse declaring bankruptcy and key clients fleeing like Sarah Connor from the T 800 chaos ensued as accounts froze at Yotta and other fintech startups.

No Fate But What We Make

Moelis noted "We've got real everyday Americans that aren't necessarily wealthy and don't have the ability to lobby that are being impacted. If Judgment Day was coming I'd expect more dramatic interventions than this!" Hopefully a former FDIC Chair named trustee can bring some relief before the end of the world.

I'll Be Back…Hopefully

"The money doesn't just disappear; it has to be somewhere," Moelis insisted. As someone who's stared down cyborgs from the future I can appreciate the sentiment. Hopefully Yotta customers can recover their hard earned savings faster than I can say 'I'll be back!'