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Which companies just had a verified incident, who lends to them and who owns them. Every claim carries its evidence level and its source. How we decide what is confirmed

Global Financial Service Disruptions

Synapse Financial (Evolve Bank & Trust partner fintechs: Yotta, Juno, Copper)

baas · US · North America · Synapse Financial Technologies Inc.

Mixed or cascadingStatus: recoveringTier 1Severity 4 of 5Evidence confidence: highAnalyst-verified

In May 2024 the bankrupt BaaS middleware firm Synapse cut off a transaction system amid a ledger dispute with Evolve Bank, freezing more than 100,000 customers of fintechs such as Yotta and Juno. A shortfall of up to USD 96m was later identified and repayments dragged on for months.

First disruption
May 1
First public signal
unknown
Acknowledged
unknown
Restored
not yet
Duration
not established
DFX first recorded
Nov 5 14:58 UTC

What was restricted

withdrawalstransfers outcard authallScope: multi institution

More than 100,000 end customers locked out; about USD 200m frozen; trustee found up to USD 96m missing (about USD 85m shortfall); FDIC insurance did not apply because the failure was the middleware, not the bank.

Financial impact: Up to USD 96m missing per trustee (reported)

Cause, kept in separate layers

What the institution said
Ledger reconciliation dispute between Synapse and Evolve; Synapse in Chapter 11 (filed April 2024) turned off access to a key transaction system
DFX classification
Mixed or cascading (cyber: unconfirmed)
Conflicting reports
Synapse and Evolve dispute whose ledger is accurate.

Dependencies

A dependency is a documented relationship. It is not evidence that the provider was compromised.

  • Provider: Evolve Bank & Trust (partner bank holding pooled FBO funds), verified

Evidence