Is the so-called “YouTube Bank” about to go under and become our next Bank Failure?
It’s very complicated, allow me to explain.
First of all, we’re talking about a bank called Yotta.
And it’s not actually, technically a “Bank”, it’s a “Savings App”.
Why is it called the “YouTube Bank”?
Because a couple years ago, many YouTubers all famously promoted Yotta to their audiences, the most prominent likely being Graham Stephan. And let me just say I like Graham and his videos and I don’t think he did anything wrong here, but he was very prominent in promoting Yotta, even making a video titled “I Bought a Bank”. That video is now deleted but I remember personally watching it when he posted it.
Ok, so what happened?
Or more accurately, what is happening?
Let me just give you the headline first and then we’ll break it all down:
Savings app CEO says 85,000 accounts locked in fintech meltdown: ‘We never imagined a scenario like this’
That’s from CNBC.
Not only are the accounts locked, but users are unable to withdraw any of their cash.
A total nightmare scenario.
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