Nearly $109M in Yotta (YC S20) customer deposits vanish

#1

Post by segasaturn » Thu, Jan 30, 2025, 10:33 PM UTC

Nearly $109M in Yotta (YC S20) customer deposits vanish
cnbc.com

Re: Nearly $109M in Yotta (YC S20) customer deposits vanish

#2

Post by cko » Fri, Jan 31, 2025, 6:51 AM UTC

Published Fri, Jun 21 2024 11:23 AM EDT Updated Fri, Jun 21 2024 5:13 PM EDT

Re: Nearly $109M in Yotta (YC S20) customer deposits vanish

#3

Post by sureglymop » Fri, Jan 31, 2025, 10:23 AM UTC

Can anyone explain what the Yotta app actually is? From a quick glance it looks to be a gambling app.

Re: Nearly $109M in Yotta (YC S20) customer deposits vanish

#4

Post by danielscrubs » Fri, Jan 31, 2025, 10:27 AM UTC

They moved fast and broke things?

Re: Nearly $109M in Yotta (YC S20) customer deposits vanish

#5

Post by segasaturn » Fri, Jan 31, 2025, 4:38 PM UTC

sureglymop wrote: post #3

Can 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

Re: Nearly $109M in Yotta (YC S20) customer deposits vanish

#6

Post by ycombinatrix » Fri, Jan 31, 2025, 7:15 PM UTC

danielscrubs wrote: post #4

They moved fast and broke things?

I don't think it worked in the first place