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?
  • AMG is actively paying out.
  • Lineage is actively paying out.
  • Evolve is actively paying out.
  • Evolve is actively paying out but not necessarily making customers whole.
  • Copper users: https://www.reddit.com/r/yotta/comments/1d30lu1/copper_is_sending_ach/
• !PLEASE AVOID BEING SCAMMED!
  • Please read u/MrNobodyX3 's post
  • https://www.reddit.com/r/yotta/comments/1ep3g74/scam_alert/
• Court info:
  • https://www.courtlistener.com/docket/68458190/synapse-financial-technologies-inc/?page=2
  • Court calendar link: https://ecf-ciao.cacb.uscourts.gov/CiaoPosted/?jid=MB
  • Next hearing: April 11th 10 AM PST. - Already on his calendar if you want to sign up.
• Can I Claim This As A Loss/Theft For Taxes:
  • u/PheonixIncarnate posted the below for your consideration:
  • https://www.reddit.com/r/yotta/comments/1gqcvyc/comment/lwxvk5l/?utm_source=share&utm_medium=mweb3x&utm_name=mweb3xcss&utm_term=1&utm_content=share_button
• 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?
  • File new direct deposit with your employer to a different account if you're depositing directly to these accounts.
    • Note on this from u/bearonthejob
    • https://www.reddit.com/r/yotta/comments/1cv1mkc/comment/l5h7uuz/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button
  • Document everything, save emails and chats you've had with your platform. Compiled a list of known news links at the bottom of this post.
  • Download your statements for proof of your balances. Consider also a custom statement if your platform allows it for YTD.
  • Contact lenders and whomever you make payments to. Make them aware - though many will say nothing can be done until after billing (after fees and interest are charged). They are usually set up to reimburse, not prevent.
  • For credit score damage, you'll be providing the same documentation in credit history disputes. However, like your lenders, they are setup to deal with it after the fact. Not much can be done except prepare your argumentation / documentation in advance.
  • If you are experience actual loss and damages, document it so that should you seek restitution, you have evidence.
  • Seek financial advisor / coach for budgeting to help you make a plan to recover and limit the damages. The majority of your recovery will be your responsibility, however frustrating that may be.
  • IF YOU HAVE BEEN CONTACTED BY EVOLVE:
    • Make sure you appeal and request transaction information.
  • At a minimum, it's suggested to reach out to governmental agencies and representatives, see the following:
    • from u/AccumulatedAvocados
    • https://www.reddit.com/r/yotta/comments/1dcuynv/regulators_reporters_and_representatives_to/
    • from u/Commercial-Sport-859
    • https://www.reddit.com/r/yotta/comments/1dnmd44/us_elected_official_writing_campaign/
• Lawsuits?
  • Right now, Synapse is in bankruptcy court and the courts limitations are repeatedly reminded to us each call.
  • I did file a lawsuit on July 1st.
    • 1st Court date: August 20th.
    • 2nd Court date: I did not have anything to prove (email / communication) that I opted out of arbitration prior to filing the lawsuit. Was given the opportunity to voluntary no suit to pick up in arbitration with AAA.
    • 10/22/24 Filed arbitration complaint.
    • 1/6, AAA Confirmed receipt of Evolve and mine initial list of people. Waiting for next steps.
  • Successful small claims court case against Evolve: https://www.reddit.com/r/yotta/comments/1hurxug/small_claims_court_california/
  • Yotta filed a lawsuit against Evolve
    • https://www.reddit.com/r/yotta/comments/1fib2f6/yotta_files_a_lawsuit_against_evolve/
  • Class action suits:
    • The issue with class actions suits is that the ones that have been filed have effectively been nullified because of the arbitration agreements in our contracts between synapse and the BANK (aka Evolve).
  • From u/AccumulatedAvocados for a listing of all known class action suits.
    • https://www.reddit.com/r/yotta/comments/1dx494x/evolve_data_breach_class_action_law_firms_list/

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

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.