stoked

Management Consulting // DeFi

[Brett Kollmann @BrettKollmann]

There are young children alive right now in New Orleans who have never known happiness as Saints fans. This year, that might finally change.

New episode, now live over on @BZZROfficial

https://t.co/Z2mqJMjH2l

[Nick Underhill @nick_underhill]

Run this Jordyn Tyson route back and watch the cut. Presented by @ErinRoseBar

[stoked @StokedOnSOL]

Yeah I'm running it remote on my Mac Mini on its own profile. Takes a little bit of config, hardening, etc. but is well worth it. Tailscale to connect my macbook and iphone, or any device that I need it to access.

I'd ask hermes to set up a remote backend and develop a migration plan: https://t.co/NLVZ4b9YMc

[stoked @StokedOnSOL]

@Teknium I’m still trying to figure out my install

[stoked @StokedOnSOL]

@tommmau5 @9to5mac @MKBHD @iMatteo_Pau I’m having similar issues

[stoked @StokedOnSOL]

@ScottBarrettDFB @CoachspeakIndex @FantasyPtsData I have too many players on this list

[Jason Mikula @mikulaja]

🚨 BREAKING: CFPB says that by Sept'23 "both Evolve and Synapse were aware that there was a deficit of tens of millions of dollars in funds that Evolve was holding for End Users" in just-released complaint:

The CFPB complaint alleging Synapse violated the Consumer Financial Protection Act by engaging in "unfair" acts or practices by failing to maintain adequate records was filed as part of the bankruptcy case today, August 21st, I believe I'm the first to report.

While the complaint largely rehashes already disclosed information, it's now being alleged by a government agency. A couple interesting items worth noting:

-The CFPB alleges that "[c]onsumers did not have control over how Synapse moved or tracked funds across different Partner Banks that were holding their funds and processing their debit card, ACH, and wire transactions."

-and that "[c]onsumers were substantially injured because Synapse’s records did not match the records of its Partner Banks."

These are important as they're necessary elements to prove Synapse acted "unfairly."

The CFPB's complaint notes that not all fintech programs "migrated" to the Brokerage/cash management structure, meaning those programs' end users’ funds should have remained with Evolve.

The complaint notes (as was already known) that even for end users who were moved to the cash management program, "Evolve continued to act as a Partner Bank by providing access to certain banking products and services, including by continuing to sponsor debit cards. Evolve also continued to act as the receiving bank for ACH transfers for which consumers had previously been using Evolve’s routing number, such as direct deposit. Evolve continued to maintain accounts on behalf of these End Users to provide these services. Synapse would sweep funds from those accounts to Synapse Brokerage."

The complaint seeks to enjoin Synapse from further violations of the CFPA (a non-issue, as it's bankrupt), additional injunctive relief (also largely irrelevant), award relief the court finds necessary to redress injury to consumers (this theoretically could be a significant monetary amount, though the chance of recovering any money seems very low), and a civil money penalty (necessary to enable CFPB to tap victim relief fund).

It's worth noting that Synapse was a third-party service provider to Evolve. While the CFPB isn't making an accusation that Evolve engaged in "unfair" acts or practices, that doesn't preclude Evolve's regulators, the St. Louis Federal Reserve and the Arkansas State Bank Department, from potentially pursuing an enforcement action against Evolve for "unfair" practices conducted by Synapse on the bank's behalf (though I wouldn't hold your breath.)

Many states offer consumers a *private* right of action for a business' "unfair" conduct, potentially offering victims an avenue to file civil suits against Evolve stemming from Synapse's "unfair" conduct.

[Chris Bianchi @BianchiWeather]

Possible landspout/funnel earlier near Byers:

[I Don’t Watch Film (Football Analytics) @NoFilm_Analysis]

Excited to share my “Advanced Analytic Profiles” i’ve been working on for some time.

These analytic profiles condense a full season and career of performance into an easy to read visual guide. Each profile blends traditional stats with advanced analytics to provide insights into a player’s production , efficiency, usage, and fantasy value.

If you’re a stat nerd like me, you know diving into player stats is both time incredibly enjoyable and time consuming. I created these profiles as a central source of information to help you form YOUR OWN well-informed take, whether it’s for fantasy decisions or just general football debates. I also think they’re very fun to read and digest.

[🐙 Scope @Scopeonsol]

That token looked bullish…

Until you saw:
🚨 Dev share: 35%
🚨 Bundled buys
🚨 No real volume

✅Scope gives 1000 free scam scans till July 24
https://t.co/BBc0uxpmta

💰 Tag 5 friends + drop your SOL wallet in comments — 1 random $50 winner!

[Jason Mikula @mikulaja]

SCOOP: Embattled Evolve Bank & Trust "stole" $1.2 million, "fraudulently" reversed legitimate ACH transactions, Atlanta-area check casher says in explosive new lawsuit.

Evolve admits it failed to detect $800k error for more than two years.

Full story in Fintech Biz Weekly.

[stoked @StokedOnSOL]

@mikulaja I would rebook 🤣

[stoked @StokedOnSOL]

@PelicansLead @LakersLead Salty

[stoked @StokedOnSOL]

@Yengo_Calls @DavisMattek Agreed. Give him time in the pocket and he’s dropping dimes. The run game slowing down has forced him to play against 2 high a ton too.

[Jason Mikula @mikulaja]

Apparently not everyone can get into the Synapse bankruptcy zoom, as the gov't license isn't adequate for how many want to attend.

[stoked @StokedOnSOL]

@SarahsSaucy @mikulaja Would a completed reconciliation signify full payout vs partial or is that TBD on the 23rd?

[stoked @StokedOnSOL]

@32BeatWriters This is the Webster definition of coach speak

[stoked @StokedOnSOL]

@COWYRedCross Do you need more volunteers?

[۟ @outthewaytre]

It’s impossible to not root for Dalton Knecht. What a journey, so glad the Lakers got him

[Jason Mikula @mikulaja]

NEW:

As Synapse was spiraling towards bankruptcy, cofounder Sankaet Pathak took $320,000 out of the company as a personal loan.

Per leaked internal records, $160,000 on 12/13/2023 and another $160,000 on 1/31/2024, which align with the amount owed stated in the bankruptcy docs: