Evolve Bank & Trust recently announced that they experienced a data breach, leading to stolen data being posted on the dark web. In response to this, the bank sent a cease and desist letter to Jason Mikula, a newsletter writer covering the incident. Although Mikula did not share the files from the dark web, he did review some of the data to confirm the breach and its contents.
The issue at hand is that not all impacted fintech companies have received details about the stolen information, causing delays in mitigating risks and informing users. Mikula believes that sharing the files would help confirm the breach and identify specific customers affected by the incident. Despite receiving the cease and desist letter, Mikula remains committed to reporting on the situation responsibly.
In a separate development, a group of senators called on Synapse, a fintech facing financial troubles involving partners like Evolve, to restore customers’ access to their funds. Synapse filed for bankruptcy in May, leaving customers unable to access their money. The senators raised concerns about missing funds amounting to $65 million to $95 million, placing blame on the partners and investors of the company.
The senators’ letter was directed to W. Scott Stafford, president and CEO of Evolve Bank & Trust, as well as major investors in Synapse and other key players in the industry. Despite the accusations, all parties deny responsibility for the missing funds, shifting blame onto others involved in the situation.
As the story continues to unfold, it is evident that the fintech industry is facing challenges related to data breaches, financial instability, and accountability. Stay informed about the latest fintech news by signing up for newsletters like TechCrunch Fintech. If you have any tips or information to share, you can reach out to journalists like Maryann at the provided email addresses and contact information for secure communications.
