[HN Gopher] People say they can't get their money out of Yotta S...
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       People say they can't get their money out of Yotta Savings
       (YCombinator 2020)
        
       Author : fortran77
       Score  : 33 points
       Date   : 2024-06-03 20:53 UTC (2 hours ago)
        
 (HTM) web link (old.reddit.com)
 (TXT) w3m dump (old.reddit.com)
        
       | fortran77 wrote:
       | Also see: https://www.youtube.com/watch?v=bBUkajbg688
       | 
       | and look at all the recent Reddit threads on Yotta:
       | https://old.reddit.com/r/yotta/
       | 
       | Here's the YCombinator page for them:
       | https://www.ycombinator.com/companies/yotta
        
       | popcalc wrote:
       | You can also still buy tokens/yottacash... they'll take your
       | money but there's no way to cash out.
       | 
       | This is being caused by the Synapse/Evolve dispute
        
       | JumpCrisscross wrote:
       | Yotta's middleman went bankrupt in early May [1].
       | 
       | They were apparently bad at keeping track of their money, with
       | "tens of millions of dollars are unaccounted for," despite some
       | "partners of its venture backers such as Andreessen Horowitz"
       | having allegedly been "aware of such discrepancies" [2].
       | 
       | [1] https://www.cnbc.com/2024/06/01/synapse-bankruptcy-yotta-
       | acc...
       | 
       | [2] https://www.theinformation.com/articles/inside-the-
       | collapse-...
        
         | reducesuffering wrote:
         | Meanwhile Synapse founder CEO is spending time on twitter
         | telling frustrated depositors:
         | 
         | "I am sorry, I should not have called you an idiot. That wasn't
         | nice. You are a moron."
         | 
         | from the Greek island of Santorini.
         | 
         | https://x.com/sankaet/status/1790563922732544367
        
           | JumpCrisscross wrote:
           | Wow, "CEO Sankaet Pathak called into the bankruptcy hearing
           | from Santorini island in Greece, and the general counsel
           | Tracey Guerin was in Rome" [1]. Someone at the DoJ is going
           | to make a career out of this guy.
           | 
           | [1] https://prospect.org/justice/2024-05-24-judge-appoints-
           | trust...
        
       | fnalelal wrote:
       | TL;DR looks like a crypto savings / gambling site (i.e. a scam,
       | like crypto anything).
        
       | millzlane wrote:
       | Glad I took mine out a couple years ago and put it in a high
       | interest savings account. Gamified savings and articles about it
       | got me more interested in my personal finances. So for that I'm
       | thankful.
        
         | toomuchtodo wrote:
         | Consider a money market fund consisting of high quality
         | government debt at your brokerage. You may be able to avoid
         | state income tax on the income depending on your circumstances.
         | 
         | https://www.bogleheads.org/forum/viewtopic.php?t=398408
         | 
         | https://www.bogleheads.org/forum/viewtopic.php?t=395586
        
       | RcouF1uZ4gsC wrote:
       | Apparently "Yotta" should be pronounced "Yo outta" as in "Yo
       | outta savings".
        
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       (page generated 2024-06-03 23:02 UTC)