Thousands of Americans have lost their savings due to the collapse of Synapse, a fintech company, with losses ranging from $7,000 to over $200,000. Customers of banking startups like Yotta, who believed their savings were backed by the U.S. government, are now facing significant financial hardship. The crisis has highlighted the risks associated with fintech companies, which are not banks and do not offer the same guarantees as traditional financial institutions. Despite the severity of the situation, U.S. regulators, including the FDIC and SEC Chairman Gary Gensler, have refused to intervene, leaving victims without recourse.