#evolvebankandtrust — Public Fediverse posts

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

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