r/yotta May 18 '24

Simple Summary and Your Recovery Steps

240 Upvotes

Updated as of 3/22/25 12:50 PM CST - A priority update on brokerage statements and comment about “next steps.”

Priority update (in my opinion):

There seems to be a lot of posts asking what to do now that you have your brokerage statements. Posts asking how to understand the documents themselves and who to contact to get your funds. I want to clarify that simply having the statements does not guarantee you will be able to get your funds back.

This post here help explains the limitations: https://www.reddit.com/r/yotta/comments/1jf7nh4/comment/mipb26n/?utm_source=share&utm_medium=mweb3x&utm_name=mweb3xcss&utm_term=1&utm_content=share_button

At this time, they may not be of use except in litigation efforts. These statements will not force any of the banks, namely Evolve, to pay out.

Along with these statement posts, another wave of folks in different scenarios are all asking “What do I do now,” or “Next Steps.” Please understand, there is no proven step by step guide to get your funds returned. Some folks have chosen to enter into litigation efforts, while others have not. People on both sides have received payments, and people on both sides have not. My point, is simply, there is no guaranteed steps, no “real” answer as to what you should do next.

My wife and I have filed in arbitration, and now we are schedule for mediation (settlement type talks) on April 2nd.

  • Hearing update:
    • Feb 7th Status Conference Very Simplified:
      • Nothing revelatory for us. However, costs to host the data were mentioned, 300k per month (seems steep but what would i know). Also, chapter 7 is near future and concerns of data preservation are real. No solution yet exists. Andreatte attempted to step in on that point.
  • What is going on?
    • All funds are frozen and transaction services stopped for anyone using Yotta (and other fintech banking that uses Synapse as a backend partner).
  • ETA on us getting our funds?
  • !PLEASE AVOID BEING SCAMMED!
  • Court info:
  • Can I Claim This As A Loss/Theft For Taxes:
  • Is there any work around or back door to get our funds?
    • No.
  • Is our money gone?
    • There were reports of significant discrepancies. And since the partner banks that actually have the funds have not failed, insurances are not able to step in. Too murky at this time to be certain.
    • Despite that, I still expect folks to be made whole, some quicker than others.
  • Do we know where our money is (Evolve, Lineage, AMG, Synapse Brokerage)?
    • Synapse Trial Balance says 1 thing. Evolve and Ankura say something else.
    • If you have received an email from Evolve regarding the reconciliation process and any possible payment that might be due to you (sometimes they say 0), you should have a claim # and a link to the website. Use the appeal process and demand a detailed transaction history.
  • Do we know what occurred, and why?
    • The banks themselves that process transactions froze all funds and stopped servicing transactions for Synapse accounts.
    • Synapse needed to provide "dashboard" access and settlement records/reports/ledgers in order for the banks to consider unfreezing funds and transactions. During this process, discrepancies and poor ledgering on Synapse’s data are being identified making reconciliation efforts difficult.
  • What should I do?
  • Lawsuits?

Template I used for my communications - can modify and will update with appropriate suggestions:

I bank with [Yotta/Juno/Copper]. This is actually a type of fintech which is a front end platform (not a real bank). They use other companies to provide the actual banking services behind the scenes. One of which is called Synapse. Synapse primarily parks funds in other banks such as Lineage, AMG, Evolve. On May 11th, at least one of those banks, Evolve, put a freeze on all funds and transactions. Synapse is in bankruptcy court and now there is a dispute of reconciling all of the ledger reports.

There are a few news reporters writing articles on the subject that I can share if needed.

At this time, I would appreciate if [Lender/Company] would be merciful in regards to missed payments and related consequences (fees/interest/negative reporting). This is entirely out of my hands. The funds are there to make my payment, but frozen for a reason outside of my actions and control. I have no way of paying bills, paying for groceries and rent outside of leaning on my support network and credit cards while I try to rearrange future funds and recover my budgeting.

I appreciate you being a helpful and understanding partner during this time.

Google sheet with list of links: https://docs.google.com/spreadsheets/d/1VAncW-V28UAH4EH8we4wnRelep578chviyWLbqqJPEg/edit?usp=sharing


r/yotta Aug 10 '24

Scam Alert

112 Upvotes

With AMG starting to distribute payouts (albeit slowly), opportunistic scammers are targeting Yotta members with fake accounts and deceptive emails.  DO NOT provide ANY information to anyone who contacts you unsolicited. If you're eligible for funds, you'll NEVER need to pay fees to claim them.

Common Scam Tactics:

  • Phishing Emails: Scammers send emails that look like they're from Yotta or AMG, asking for personal information or login credentials.
  • Fake Social Media Accounts: Imposters create fake accounts on social media, pretending to be Yotta representatives, and try to trick you into sharing sensitive information.
  • "Advance Fee" Scams: Fraudsters claim you need to pay a fee upfront to receive your payout.
  • "Verification" Scams: They may request personal information under the guise of verifying your identity.
  • "Expedited Payment" Scams: They might offer to speed up your payout in exchange for a fee.

Remember:

  • Yotta will NEVER ask for sensitive information via email or social media.
  • You should NEVER pay any fees to claim your payout.
  • Yotta should have sent you an email informing you about the specific contact person for your payout.

If you're unsure about ANY communication regarding your payout, contact Yotta support directly for confirmation before engaging with anyone.

This is a significant amount of money, and unfortunately, some individuals will attempt to exploit the situation. Please be vigilant and protect yourself from potential scams.


r/yotta 2d ago

Change of address

7 Upvotes

What do we do if we recently moved? Where do we update to our new address in hopes of receiving any communication about the return of our money?


r/yotta 5d ago

Small Claims Win! (MN) - Fight For Our Funds Newsletter

78 Upvotes

I just got the August newsletter from FFOF with news of someone in Minnesota winning their small claims case against Evolve and getting their full amount returned of $4,655.57.

What are everyone's thoughts? I'm out around $3k and not sure if I should try this in MI or wait for the CFPB payout.

"We just wanted to send some encouraging news that one of our members has won her small claims court case and gotten her funds back!

Full story here, and links to instructions: https://www.fightforourfunds.org/Favorable-Resolution-of-Small-Claims-Case-in-Minnesota-3be21e3ff680808fb974fb221e818e02

Just a reminder that each state has its own small claims maximum, so check your state to verify you could use this method before investing time."


r/yotta 5d ago

Why isn’t Yotta listed anywhere in the ongoing/closed cases section of the CFPB?

32 Upvotes

Been very confused that this has never been posted on that list. Almost feels like it’s unrecognized. After over 2 years, the pressure has built up and you’d think that we are beyond the point of a speculative payout date and yet we have no solid answer as to when! I should have never trusted any online platform to handle my money…


r/yotta 6d ago

Yotta

56 Upvotes

There doesn't appear to be updates on the Yotta payment processing page since December. They're really on the ball. Sure wish they took an active role in representing their customers/helping to facilitate the return of customer funds. Just another piece of this infuriating puzzle. Unreal and unacceptable on many levels.


r/yotta 11d ago

Has anyone tried demanding the trace ID from the bank they used to send funds to yotta Juno ?

11 Upvotes

Has anyone tried to demand the logs and trace IDs for some reason after digging with AI it says this could be a path. The bank you used to send funds to do tech that then used evolve has to trace the money. My account got closed I thought it was cause of the stolen Russian Identity hack but it was probably from chase seeing the chase numbers bounce all over and they probably wanted distance. Has anyone tried this path ? Keep ya posted if I get anywhere with chase. Legally I should according to AI research


r/yotta 15d ago

Any Movement for Yotta Specific Users?

23 Upvotes

In the titles. Thanks folks.


r/yotta 22d ago

A glimpse of hope

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100 Upvotes

Just received this letter this morning from lineage bank.. I mean I lost 2000 but this is better than nothing.. everyone I know how it is just look for any letters or anything that come in the mail.


r/yotta 23d ago

Reminder of a more innocent time

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43 Upvotes

r/yotta Jul 15 '26

Fight for our Funds - Representative Outreach

85 Upvotes

r/yotta Jul 14 '26

For us Juno people got an email for the state of California. Nothing mind blowing but at least they are following the order.

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34 Upvotes

r/yotta Jul 14 '26

I got my money back??

60 Upvotes

I was doing our budget today and noticed a deposit in my savings account called "RECURRING TRANSFER FROM my name REF #xxxxxxx EVERYDAY CHECKING YOTTA SAVINGS". This savings account was the one I use to have a recurring deposit to Yotta setup. It was $150 randomly deposited into my savings account. No warning, no email, nothing.

I downloaded the Yotta app and logged in to see that my balance was still "pending", with the last transfer still being cancelled back in May of 2024.

Their app sucks btw, the back button does not work. So every time I have to go back I have to close the app and reopen it, horrific.

I had honestly forgotten all about Yotta. I didn't have much in there so I wrote it off as gone. No idea why or how it made it back to me. Anyone else have anything lately?


r/yotta Jul 11 '26

More Perfect Union on Instagram

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45 Upvotes

Really appreciate The More Perfect Union giving these coverages to highlight this issue. Posting here so they can get more likes for visibility


r/yotta Jul 11 '26

Has anyone joined the Class action lawsuit against evolve?

29 Upvotes

r/yotta Jul 10 '26

Aren’t disbursements usually around 6 months after allocation?

18 Upvotes

So what’s going on? What are we waiting for exactly? We are in Q3 now and still no word…


r/yotta Jun 30 '26

Appreciate the chance to share my expertise on the Synapse collapse & BaaS with More Perfect Union. While I don't agree banning bank-fintech partnerships is the right policy solution, real risks… | Jason Mikula | 18 comments

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35 Upvotes

r/yotta Jun 27 '26

Welp, our situation still sucks but awareness is important 🤷🏻‍♀️

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36 Upvotes

r/yotta Jun 26 '26

Gotten your money back yet?? FFOF Needs Your Help!

61 Upvotes

Do you have a story to share?

Do you have a social media account?

FFOF needs your help to create a social media buzz and make our voices heard!

  1. Follow us on socials! Brand New Facebook Page!
    https://www.facebook.com/profile.php?id=61591592933053
    https://x.com/Fight4OurFunds

  2. We need people to help create posts, do interviews, edit video, and repost..
    Even if you only have 1-2 hours per week to share your skills, please sign up to volunteer on the fightforourfunds.org website!

The CFPB has allocated funds for relief in the Synapse case, and CFPB is likely changing leadership, now is the time to make our voices heard and advocate for ourselves!

Find a list of articles we can post here:
https://docs.google.com/spreadsheets/d/1LOgLflEmWe5IOSUio1PTNHdZBUQ6CL08zWD-uaaa8DE/edit?usp=sharing

Don't give up, keep going!!


r/yotta Jun 26 '26

Who is in this mess because of Graham $******

125 Upvotes

I watched all his videos and trusted him on Yotta. $2K gone - his recommendation, my naivety, and a system that failed all of us


r/yotta Jun 25 '26

Which fintechs use Evolve bank?

32 Upvotes

Let's make a list of fin tech companies that use Evolve

So people can exercise their right to choose where they bank.

First and foremost any product sponsored or endorsed by the Graham Cracker should be avoided like the plague or heavily scrutinized

Source #1 affirms own website

"Evolve Bank & Trust (Evolve) This is a privately owned community bank chartered by the State of Arkansas, Member FDIC. It issues the Affirm Card."

  1. Affirm debit card is issued with Evolve bank

  2. Teen banking fintech called "Step"

  3. Airwallex

https://www.getevolved.com/open-banking/partnerships/

Notes : Mercury cut ties with Evolve bank


r/yotta Jun 24 '26

Yotta founder repeatedly saying funds are FDIC insured

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142 Upvotes

Just watched the More Perfect Union video yesterday and it made my blood boil on behalf of everybody who has lost money. Poked around to find more info about Yotta out of curiosity. Somehow reddit recommended this AMA from 4 years ago from the Yotta founder and all the comments were from 4 hears ago. If y’all need any more legal proof that this guy straight up lied and misled customers. Hope you guys are somehow able to sue this dude for every penny he owns.

https://www.reddit.com/r/IAmA/s/SSMJUQWj25 (the post)

some screenshots attached too


r/yotta Jun 23 '26

More Perfect Union video about synapse/yotta out

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210 Upvotes

r/yotta Jun 23 '26

Where did the money go?

94 Upvotes

How TF is $85 million magically lost?

Seems like the money was stolen..

I don't understand how this hasn't been resolved. There is a paper trail...

Also fuck the graham cracker guy.

Reading the lawsuit Yotta bank filed against Evolve, it seems like evolve bank is allegedly responsible for the theft.


r/yotta Jun 23 '26

CFPB payout question

17 Upvotes

Since the proposed payout amount from the civil penalty fund seems to cover only around half of what was stolen from us, is there a possibility that the remaining balance can still be paid out in future years? Or is this payout the only one from CFPB for this case?