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

sureglymop · 2025-01-31T10:23:58 1738319038

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

segasaturn · 2025-01-31T16:38:56 1738341536

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

cko · 2025-01-31T06:51:16 1738306276

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

danielscrubs · 2025-01-31T10:27:06 1738319226

They moved fast and broke things?

ycombinatrix · 2025-01-31T19:15:43 1738350943

I don't think it worked in the first place