Nearly $109M in Yotta (YC S20) customer deposits vanish
cnbc.comCan anyone explain what the Yotta app actually is? From a quick glance it looks to be a gambling app.
They claimed to be a bank (savings account) that would give users free lottery tickets for saving money on their app. After freezing customer assets on the app, they pivoted to gambling. Customer funds are still frozen last I checked.
Their launch HN thread here: https://news.ycombinator.com/item?id=23780062
Coffeezilla has a good video exposing the fraud: https://www.youtube.com/watch?v=bBUkajbg688
Published Fri, Jun 21 2024 11:23 AM EDT Updated Fri, Jun 21 2024 5:13 PM EDT
They moved fast and broke things?
I don't think it worked in the first place