[ctbeiser]

The accounts were genuinely FDIC insured. Evolve is a real bank.

But a few months before the bankruptcy, Evolve pushed Synapse to move the money into non-FDIC insured brokerage accounts. As far as I can tell, this was:

- a way to move a hole in the balance sheet from an FDIC insured to an uninsured place

- completely illegal, insofar as the only user consent was a manual opt-out, and some users weren't even sent emails about the change.

[hipadev23]

> Evolve pushed Synapse to move the money into non-FDIC insured brokerage accounts

Where can I read more?

[lxgr]

Why would they do that? Are you implying that Evolve (and not Synapse) had a hole in their balance sheet? Is there any evidence of that?

Otherwise, FDIC insurance wouldn’t matter here, no?