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Thousands ofAmericans got caught in fintech and lost access to bank accounts

The Synapse collapse has revealed fintech's promise of safety as a mirage. More than 100,000 Americans with $265 million in deposits were locked from accounts.

They come from all walks and stages of life, from Craft, the Indiana FedEx driver; to the owner of a chain of preschools in Oakland; a talent analyst for Disney living in New York City; and a computer engineer in Santa Barbara. When Rick Davies, a 46-year-old lead engineer for a men's clothing company that owns online brands including Taylor Stitch, signed up for account with crypto app Juno, he says he "distinctly remembers" being comforted by seeing the FDIC logo of Evolve. And only days after being by the Federal Reserve about its management of technology partners, Evolve was attacked by Russian hackers who posted user data from an array of fintech firms, including social security numbers, to a dark web forum for criminals.

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