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BANK COLLAPSED? $109 MILLION In Customer Deposits “Vanished”!
This is an update to a story I first brought you about 3 weeks ago…
Here is my original report:
YOTTA: Is This The Next “Bank” To Go Under?
In that report, I wrote the following:
Not only are the accounts locked, but users are unable to withdraw any of their cash.
A total nightmare scenario.
The company is claiming it's a problem between two "middlemen providers" but it's extremely concerning whenever you can't get your money out of a bank -- or "savings app".
And I am absolutely not claiming they are insolvent or going under -- in fact, they claim they are not -- but I will say this.....I saw the very same thing happen right before crypto brokerage Celsius went under.
I was actually live-tweeting and covering the story as it happened.
They announced a "glitch" with withdrawals and I immediately advised everyone to transfer their funds off the platform.
The company claimed all was safe and all was good, and then just hours later they had collapsed.
Is the same scenario happening here?
I don't know.
I hope not.
Sadly, it looks as though my initial gut reaction was right....
Where there's smoke there's often fire and this did not look or smell right from the very beginning.
And while they're not yet officially calling this a "bank collapse" yet, CNBC reports that $109 million in customer deposits have "vanished".
My experience in life has been once that happens, they don't usually ever come back.
What a horrific story.
As this story continues to evolve (pun intended), I’m left wondering if it’ll become the face of #BaaS.
Nearly $109 million in deposits held for fintech Yotta’s customers vanished in Synapse collapse, bank says https://t.co/WzaL1bE3Y9#FinTech #FinServ #Banking
— Alex Jiménez (@RAlexJimenez) June 22, 2024
Here's more, from CNBC:
Ledgers of the failed fintech middleman Synapse show that nearly all the deposits held for customers of the banking app Yotta went missing weeks ago, according to one of the lenders involved.
A network of eight banks held $109 million in deposits for Yotta customers as of April 11, Evolve Bank & Trust said in a bankruptcy court letter filed late Thursday.
About one month later, the ledger showed just $1.4 million in Yotta funds held at one of the banks, Evolve said. It added that neither customers nor Evolve received funds in that time period.
“These irregularities in Synapse’s ledgering of Yotta end user funds are just one example of the many discrepancies that Evolve has observed,” the bank said. “A detailed investigation of what happened to these funds, or alternatively, why the Synapse-provided ledger reflected money movement that did not actually occur, must be undertaken.”
Evolve, one of the key players in a deepening predicament that has left more than 100,000 fintech customers locked out of their bank accounts since May 11, has been attempting to piece together with other banks a record of who is owed what. Its former partner Synapse, which connected customer-facing fintech apps to FDIC-backed banks, filed for bankruptcy in April amid disputes about customer balances.
But Evolve itself was reprimanded by the Federal Reserve last week for failing to properly manage its fintech partnerships. The regulator noted that Evolve “engaged in unsafe and unsound banking practices” and forced the bank to improve oversight of its fintech program. The Fed said the enforcement action was separate from the Synapse bankruptcy.
Yotta CEO and co-founder Adam Moelis said in response to this article that Synapse has said in court filings that Evolve held nearly all Yotta customers deposits. Evolve and Synapse disagree over who holds the funds and who is responsible for the frozen accounts.
“According to the Synapse trial balance report provided on May 17, there are $112 million of customer funds held at Evolve,” Moelis said.
Evolve, which is headquartered in Memphis, Tennessee-based, had this statement late Friday:
“We believe that a meticulous forensic accounting investigation will reveal that these purported funds are not, and were not, in Evolve’s possession, contrary to Synapse’s claims,” a spokesman told CNBC. “Evolve will continue cooperating with the Trustee and other banks to perform reconciliation and determine the most appropriate path forward for any funds actually held at Evolve.”
More here:
Over 100M In deposits vanished from accounts held in #yotta bank. The fintech industry is being rocked as the Synapse collapse gets worse. pic.twitter.com/rra0usTOHX
— Economic Ninja (@economyninja) June 22, 2024
Whether or not this ends up being a "bank failure" or not, there is a reason why I keep warning you that a major run on the banks is coming.
Stay on guard.
And get your money out of the banks if you're worried about this type of stuff!
JUST IN: Billionaire Real Estate Investor Barry Sternlicht Expects One Bank Failure PER WEEK!
JUST IN: Billionaire Real Estate Investor Barry Sternlicht Expects One Bank Failure PER WEEK!
Last year we had 6 fairly large banks FAIL in the United States.
Unprecedented at least in my recollection in recent years.
But I kept telling you it was NOT over.
Then a few weeks ago this happened:
BREAKING NEW BANK FAILURE: Republic First Bank Collapses, Seized By Regulators
And through it all I continue to warn you....something much bigger and much worse is coming.
I sure hope I'm wrong, but I don't think I am.
In fact, I continue to see things getting worse at an accelerated pace.
But who cares what I think....I'm just a reporter. Your humble correspondent!
What you should care about, however, is what Barry Sternlicht thinks.
Do you know who that is?
Sternlicht is an American billionare and real estate expert:
Barry Sternlicht, born on November 27, 1960, in New York City, is a renowned American billionaire and the co-founder (with Bob Faith), chairman, and CEO of Starwood Capital Group, a prominent investment fund managing over $100 billion in assets. He also holds the position of chairman of Starwood Property Trust. Sternlicht's professional journey began in 1991 when he co-founded Starwood Capital Group with Bob Faith, and he later founded the W hotel chain and Starwood Property Trust, one of the largest commercial mortgage REITs. In 1995, he became the chairman and CEO of Starwood Hotels and Resorts Worldwide until 2005.
Throughout his career, Barry Sternlicht has been recognized for his significant contributions to the hospitality industry, real estate markets, and the global business community. He was named the Cornell Icon of the Industry in 2015, a prestigious honor acknowledging his leadership and innovation within the hospitality sector. Additionally, in 2010, Sternlicht was awarded both the "Executive of the Year" and "Investor of the Year" titles by Commercial Property Executive, highlighting his remarkable achievements in real estate investment and management.
Sternlicht has been involved in various philanthropic endeavors, including serving on the board of directors for the Robin Hood Foundation and the Dreamland Community Theatre. His commitment to giving back extends to his alma mater, Brown University, where he has been a trustee.
In terms of market predictions and business acumen, Sternlicht has demonstrated a keen understanding of economic trends and investment opportunities. He has successfully navigated multiple economic downturns and has been instrumental in the growth and development of his companies. His ability to identify and capitalize on market opportunities has earned him a reputation as a savvy investor and a leader in the real estate and hospitality industries.
And here's what he's saying RIGHT NOW:
Billionaire real estate investor Barry Sternlicht says he expects at least one bank failure per week. pic.twitter.com/yVZtsFBCZF
— Watcher.Guru (@WatcherGuru) May 10, 2024
Here are more details, from my friends over at Watcher.Guru:
Billionaire real estate investor and CEO of Starwood Capital, Barry Sternlicht, has recently stated his expectation of one bank failure per week in the United States. Indeed, Sternlicht expressed his concern regarding more than 4,000 banks in the US amid the ongoing pressure of interest rates and inflation.
Sternlicht noted that community and regional banks could be in for a treacherous time amid a host of macroeconomic factors. Subsequently, he noted that a regional bank could fail “every week, maybe two a week” in a recent interview with CNBC.
Throughout the year, the United States has been navigating an economy of increased frailty. Indeed, the Federal Reserve had enacted a two-year tightening campaign, increasing interest rates to combat high inflation. Now, the Central Bank has yet to cut rates, with many projecting dangers for the economy as a result.
One of them is billionaire real estate investor Barry Sternlicht, who expects one bank failure per week. Speaking to CNBC, the co-founder of the $115 billion Starwood Capital Group shared his grim prognosis for the current state of interest rates and their effect on smaller banks.
“I think people are looking for these cracks, and you’re going to see the crack develop now,” Sternlicht said. “You’re going to see a regional bank fail every day, or not—every week, maybe two a week,” he added.
At least one, maybe TWO, bank failures every week!
Hello folks!
I hope you're paying attention and I hope you're taking action to protect yourself and your family.
That's why I publish these articles, to sound the alarm and give you as much advanced warning as possible.
And it all lines up with what I've been telling you about....
Like this:
Grant Cardone: “There Are Gonna Be 100 Bank Failures In This Country…”
And this:
Audit Reveals 282 U.S. Banks Are In Danger Of Failing
Ok, so is it all DOOM and GLOOM?
What can you do about it?
Keep reading and I'll tell you!
Peter Schiff: "Gold is going to be revalued MUCH higher than it is..."
I've been telling you that you might want to get some GOLD for a while now...
I'm not a financial advisor, I'm just your humble reporter.
But someone who's much smarter than me and is a professional money manager just said something that you have to see.
That would be Peter Schiff and he just said on MeetKevin's podcast that Gold is about to be revalued MUCH higher!
Oh, and Patrick Bet-David loves gold too!
Check this out:
Peter Schiff: "Gold is going to be revalued MUCH higher than it is..."#GotGold ?@digitalassetbuy @DigPerspectives @realMeetKevin @PeterSchiff
READ THIS: https://t.co/8SfgaIbPgF pic.twitter.com/vmTuHQcAEY
— DailyNoah.com (@DailyNoahNews) February 8, 2024
Here is a dedicated video player if this is easier for you to see:
Peter Schiff: "Gold is going to be revalued MUCH higher than it is..."#GotGold ?@digitalassetbuy @DigPerspectives @realMeetKevin @PeterSchiff
READ THIS: https://t.co/8SfgaIbPgF pic.twitter.com/vmTuHQcAEY
— DailyNoah.com (@DailyNoahNews) February 8, 2024
You can watch the entire interview right here if you like:
Two VERY smart guys, Peter Schiff and Patrick Bet-David.
Here's more on Schiff if you don't know much about him:
Peter Schiff is an accomplished American economist, financial broker, author, and stock market commentator with a significant influence in finance and investment circles. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc., a brokerage firm founded in 1996, focused on international markets and securities. He has successfully expanded the firm's operations over the years, demonstrating his acumen in identifying growth opportunities and his expertise in global financial markets.
One of Schiff's major accomplishments is his prescient call on the 2008 financial crisis. He gained widespread recognition for his predictions of the housing market bubble and the ensuing financial crisis, which were made well before they occurred. His accurate forecast of these events earned him a reputation as a savvy investor and a keen observer of economic trends. Schiff's warnings about the dangers of excessive debt and speculative bubbles have been validated by market events, reinforcing his status as a forward-thinking economist.
In addition to his financial career, Peter Schiff is an accomplished author, having written several books on economics and investing. His works, including "Crash Proof: How to Profit From the Coming Economic Collapse," have been critically acclaimed for their insightful analysis and practical advice on safeguarding investments against economic downturns. Schiff's ability to break down complex economic concepts into accessible language has made his books popular among both novice and experienced investors.
Schiff has been a vocal advocate for sound money and fiscal conservatism, often appearing on financial news networks to share his views. His advocacy for gold as a hedge against inflation and currency devaluation has influenced many investors' strategies. Despite his sometimes controversial opinions, Schiff's expertise and deep understanding of economic principles have earned him respect in the investment community.
Speaking of Gold being revalued in the future, we first told you about that three months ago:
“Gold Revaluation” Incoming? Price Could Be $10,000-60,000 Per Ounce!
"Gold Revaluation" Incoming? Price Could Be $10,000-60,000 Per Ounce!
One of the worst things our country ever did was to allow the Central Bankers to take of off the Gold Standard...
But it was the best thing to happen to the corrupt bankers, as they printed money to infinity and got filthy rich!
But....are they getting ready to flip the script on the public once again?
As the system they have completely destroyed through unlimited money printing is set to collapse, I'm seeing reports that they might be ready to go BACK to a Gold Standard.
Crazy right?
I have to show you this short 2 minute video from the Black Swan Capitalist who perfectly nails this.
And then keep reading for a solution YOU can implement right now to keep you and your family safe! And one way you can do it with NO MONEY OUT OF POCKET! Yes, really....
He says not only is the plan in place, but simulations have been run and if and when that happens it would result in a necessary gold price of anywhere from $10,000 to $60,000 per ounce!
For those not great at math, from today's price of $1,955 that would be anywhere from a 400% to a 2,900%+ gain!
Wow!
But not only that but there was one line that jumped out at me....
He said, quote: "Those who put their money in gold and silver will be just fine and make incredible gains, meanwhile those who trusted the Government and kept their money in US Dollars will be utterly wiped out."
That rung very true to me.
When has "trusting the Government" ever paid off?
This is EXACTLY the kind of thing they would do, and revel in it!
It's Ronald Reagan's famous quote:
So with that in mind, watch this clip and understand what might be JUST around the corner....
Central #banks have been quietly buying #gold in preparation for a gold revaluation, which sets the stage for a new reserve currency
They've also partnered with #Ripple so they can #tokenize those reseve assets on the #blockchain where #XRP will play a key role in achieving this pic.twitter.com/4k793CNvD0
— Black Swan Capitalist (@VersanAljarrah) November 7, 2023
Backup here if needed:
OH MY....
So the question is, how do you set something up that takes the credit card away, but still allows governments to function? And if we went back to a gold standard, we'd have to do something like back the world's currencies with gold at a certain ratio that was clear… pic.twitter.com/Dul6Kqr8OG
— DailyNoah.com (@DailyNoahNews) February 8, 2024
Ok so how can you get gold with NO MONEY OUT OF POCKET? Read below...
The ONLY Two Gold Companies I Am Proud To Partner With
We mostly cover politics here, but politics affects the economy and the economy affects...YOU and ME! And our pocketbooks.
Big league.
So in the midst of covering politics, we also cover money from time to time...and while I'm not a financial advisor, I share what I'm learning in the hopes that it can help you and keep you and your family safe.
And that often leads me to covering Gold and Silver.
You know, what they have always called "God's Money".
He made it, they aren't making any more of it, and it has always been highly valued as money from the beginning of time until now.
So I'm a big fan and I think it has the potential to do big things if, say, the U.S. Dollar were to suddenly collapse.
So that's why I talk about it and why I want to make sure everyone protects themselves and your families.
So to answer the question of "what can I do?" it's really quite simple: you need to get some #Gold or #Silver in your own possession.
It's called "physical" gold and silver.
Not paper traded garbage on the stock exchanges that isn't backed by anything.
Don't touch that stuff.
And because I get asked so much how to buy it and what the best places are, I thought I would publish this and just get it out there for all to have....
I have two special hook-ups for you and these are the ONLY two companies I am proud to partner up with on Gold and Silver.
Both involve PHYSICAL gold and silver.
Because if you do NOTHING else, make sure you own "physical" gold and silver, not paper contracts.
The paper contracts (like stock ticker SLV and GLD) could very well go POOF one day and disappear or go to zero, because they're not actually backed by the gold and silver they claim to represent.
It's a massive game of musical chairs out there and when the music stops (and I think it will stop soon...) people who only own paper might find themselves owning something not worth the paper it's literally written on.
And I know you'll never forget it if I give you this GIF so....Let's Get Physical:
Now...WHERE do you get physical gold and silver and how do you know it's real and safe?
And that you're getting the best price?
Oh, and how about personal one-on-one real customer service?
You know, like you were some Big Wig millionaire at Goldman Sachs who could just call their personal banker and get help?
That's what I'm about to tell you.
I have two killer connections for you...
The first is for purchasing gold and silver bullion.
That means bulk bars.
That's the cheapest and most economical way to do it, to stretch your dollar into as much gold and silver as possible.
The website is called WLT Precious Metals and when you see my logo in the top left-hand corner, you'll know you're in the right place.
You'll get a personal phone call with Ira Bershatsky (or someone on his team) and they will work with you free of charge for as long as needed to answer any questions you have and get you taken care of.
How about that!
You don't see that much anymore, but Ira and his team pride themselves on good old-fashioned real customers service:
No sales pitch, just real, actual help.
And the best prices you will find.
Here's the only disclaimer I will give you: because they do pride themselves on dedicated service, it might take a few days before you get a phone call back. Just be patient.
Good things come to those who wait!
You can contact Ira and WLT Precious Metals here.
Ok, that was #1.
Now I want to tell you about option #2.
An equally great company, I am so happy to be working with these guys.
This next company is called Genesis Gold and this is for people who want to purchase real physical gold or silver in their IRAs (Investment Retirement Accounts).
You know what the beauty of that is?
Two huge benefits actually...
First is TAX FREE baby!
I'm not a tax advisor, but that's a general oversimplification.
Never pay more taxes than you are legally required to pay.
And that's why I love getting gold and silver in my IRA (and why I hold a large chunk in an IRA myself!).
Second is if you simply shift money out of stocks (like Peter Schiff recommends) and into Gold, it won't cost you anything! No money out of pocket!
BOOM!
There's so much to love about Genesis Gold, starting with the fact they are proudly and un-ashamedly Christina!
They call it "Faith-Driven Stewardship" and they put it right on the homepage of their website along with a quote from Ezekiel:
Wealth Preservation With Gold & Silver –
The Genesis Gold IRA
By your wisdom and your understanding you have made wealth for yourself, and have gathered Gold and Silver into your treasuries – EZEKIEL 28:4
Genesis Gold Group believes the Bible gives clues on how man-made currencies (paper money) represent instability, and a lack of virtue and encourages living wastefully in excess.
Conflicts have beleaguered us since the dawn of civilization, and they can all be encapsulated into one battle. The battle is between currency, man-made paper, and gold and silver — the two precious metals found in our Earth’s crust, sent to us by our Lord to use as money. Man-made currency always leads nations down the path to increased war, greed, and ultimate collapse. History has shown that abandoning gold and silver has always been a bad idea. Gold and Silver enforce discipline, nurture self-constraint, self-reliance, and balance, and lead to confidence, a restrained government, and a more stable foreign policy.
Genesis Gold Group believes in empowering faith-driven stewardship with Gold & Silver are an integral part of a balanced portfolio. Protecting your finances with precious metals has never been more crucial during these trying times.
With a combined 50-plus years in the precious metals industry, let your Genesis gold and silver experts guide you through the simplicity of asset protection and growth with our Genesis Gold IRA.
Sincerely,
Genesis Gold Group
Empowering Faith-Driven Stewardship
Oh....and they're VERY good at what they do.
You also get physical gold and silver with Genesis, believe it or not! The gold and silver is purchased for you (in whatever combination of coins and bars you prefer, a picture taken and sent to you, and then stored safely in a vault for you!
I love what these guys are doing.
Here's more on why gold and silver in your IRA are so powerful:
You can contact Genesis Gold here.
They are also very backed up with record demand, so you may have to wait a bit, but someone WILL get in touch with you for personal customer service and assistance!
Tell 'em Noah sent ya!
Oh, and did you know Genesis is recommended by SUPERMAN himself?
It's true.
Superman himself, Clark Kent -- Dean Cain -- came on my show a few weeks ago and we broke it all down:
Watch here:
Stay safe!
Make sure you can weather the storm when it hits!
Because the storm always hits eventually, doesn't it?
As for me and my house, we will be ready.
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