oh look, another #fintech bankruptcy involving Evolve Bank & Trust.
some other fun places Evolve has popped up:
1. issuer of #FTX and #BlockFi debit cards (before those companies blew up and customers lost all their money)
2. #GeorgeSantos and #AndyOgles held their campaign money at Evolve
3. #Synapse bankruptcy which cost customers of a bunch of fintech "banks" like #Yotta most if not all of their money
4. Partnered with "anti-woke" fintech #GloriFi
5. Got hacked by Russia midway through Synapse bankruptcy proceedings
6. Anonymous crypto debit card issuer for #ZELF
7. Frequently found to be the bank used by #pigbutchering fraudsters
8. Sanctioned by federal reserve for #moneylaundering
The fact that Evolve has not been shut down is insane. Banking system cannot survive if these kinds of bad actors roam free like the wind.
* more on Evolve: https://fintechbusinessweekly.substack.com/p/evolves-problematic-partners-bankruptcies
* even more: https://fintechbusinessweekly.substack.com/p/evolve-hit-with-fed-enforcement-action
And they have forgotten about 
![Over a year after Sam Bankman-Fried’s trial, perhaps one of the most memorable moments to stick with me was an unexpected one: a brief exchange between prosecutors and BlockFi founder Zac Prince. (FTX’s collapse bankrupted the crypto lender, which had loaned FTX entities hundreds of millions.)
BlockFi's Zac Prince: [With] crypto firms, it was much less common to have audited balance sheets because of issues with getting audits as a cryptocurrency firm.
Prosecutor: Just to be clear, some of the balance sheets you received from crypto firms were what is called unaudited balance sheets.
Prince: I would say the majority of balance sheets that we received from cryptocurrency firms were unaudited.
This casual statement about lending hundreds of millions based on scrawled estimates and a “trust me, bro” underscored the deception in crypto executives’ post-collapse claims that FTX was a rare bad actor with aberrant business practices, a black sheep among scores of legitimate businesses. On the contrary, many of FTX’s activities were business as usual in an industry where regulatory enforcement and proper audits were rare, but maximal leverage and risk-taking were par for the course.](https://media.hachyderm.io/media_attachments/files/113/744/574/990/186/498/original/3c2cf74d1b220eaa.png "Over a year after Sam Bankman-Fried’s trial, perhaps one of the most memorable moments to stick with me was an unexpected one: a brief exchange between prosecutors and BlockFi founder Zac Prince. (FTX’s collapse bankrupted the crypto lender, which had loaned FTX entities hundreds of millions.)
BlockFi's Zac Prince: [With] crypto firms, it was much less common to have audited balance sheets because of issues with getting audits as a cryptocurrency firm.
Prosecutor: Just to be clear, some of the balance sheets you received from crypto firms were what is called unaudited balance sheets.
Prince: I would say the majority of balance sheets that we received from cryptocurrency firms were unaudited.
This casual statement about lending hundreds of millions based on scrawled estimates and a “trust me, bro” underscored the deception in crypto executives’ post-collapse claims that FTX was a rare bad actor with aberrant business practices, a black sheep among scores of legitimate businesses. On the contrary, many of FTX’s activities were business as usual in an industry where regulatory enforcement and proper audits were rare, but maximal leverage and risk-taking were par for the course.")
