oh look, another #fintech bankruptcy involving Evolve Bank & Trust.

some other fun places Evolve has popped up:

1. issuer of #FTX and #BlockFi debit cards (before those companies blew up and customers lost all their money)
2. #GeorgeSantos and #AndyOgles held their campaign money at Evolve
3. #Synapse bankruptcy which cost customers of a bunch of fintech "banks" like #Yotta most if not all of their money
4. Partnered with "anti-woke" fintech #GloriFi
5. Got hacked by Russia midway through Synapse bankruptcy proceedings
6. Anonymous crypto debit card issuer for #ZELF
7. Frequently found to be the bank used by #pigbutchering fraudsters
8. Sanctioned by federal reserve for #moneylaundering

The fact that Evolve has not been shut down is insane. Banking system cannot survive if these kinds of bad actors roam free like the wind.

* more on Evolve: https://fintechbusinessweekly.substack.com/p/evolves-problematic-partners-bankruptcies
* even more: https://fintechbusinessweekly.substack.com/p/evolve-hit-with-fed-enforcement-action

BlockFi Appeals to Creditors to Come Forward and Claim Bankruptcy Distributions - Less than half of non-U.S. customers of bankrupt cryptocurrency lending firm BlockFi have... - https://www.coindesk.com/business/2025/04/02/blockfi-appeals-to-creditors-to-come-forward-and-claim-bankruptcy-distributions #bankruptcy #finance #blockfi

@JessTheUnstill interesting fact: the #Synapse partner bank where all these issues are stemming from, Evolve Bank & Trust, has a bunch of fun properties:

1. Issuer of the #FTX debit card
2. Used by George Santos and Andy Ogles to store campaign funds
3. Banking partner of #PrimeTrust, the Nevada crypto custody company that collapsed in 2023
4. Banking partner of #BlockFi, one of the crypto "banks" that went down with the good ship FTX.
5. Recently hacked by Russians
6. Recently hit with a major fed enforcement action

Also Synapse was backed in a big way by Trump loving #a16z and Marc Andreessen.

Some more details:

https://fintechbusinessweekly.substack.com/p/evolve-hit-with-fed-enforcement-action

'Crypto Dad' squashes rumors that he could replace Gensler as SEC Chair - Former CFTC Acting Chair Chris Giancarlo said he’s “already cleaned up e... - https://cointelegraph.com/news/chris-giancarlo-dismisses-rumors-replace-sec-chair-gensler #chrisgiancarlo #dangallagher #garygensler #ustreasury #paulatkins #markuyeda #secchair #blockfi

California Pulls Blockfi’s Lending License, Slaps Fines After Regulatory Breach - The California Department of Financial Protection and Innovation (DFPI) has revoke... - https://news.bitcoin.com/california-pulls-blockfis-lending-license-slaps-fines-after-regulatory-breach/ #newsbytes-2 #newsbytes #blockfi

California revokes BlockFi’s lending license 2 years after bankruptcy - Bankrupt and now defunct BlockFi has entered into a settlement agreeing ... - https://cointelegraph.com/news/california-revokes-blockfi-license-2-years-bankruptcy #californiafinancinglaw #cryptolending #california #bankruptcy #repayments #cfllicense #blockfi #loans #dfpi #ftx

Kroll Employee SIM-Swapped for Crypto Investor Data https://krebsonsecurity.com/2023/08/kroll-employee-sim-swapped-for-crypto-investor-data/ #ALittleSunshine #LatestWarnings #DataBreaches #Krollbreach #SIMswapping #T-Mobile #BlockFi #FTX