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Youtuber "Bank" is Collapsing [EARLY ACCESS] (Patreon)

Published:
2024-06-01 15:46:55
Imported:
2026-06

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Content

This story means a lot to me. Yotta is a savings app that advertised itself as a "no lose lottery" and was promoted by dozens of Youtubers. Now it's become a casino and won't let you withdraw.

I investigated why.

Files

Youtuber "Bank" Is a Casino That Won't Let People Withdraw

Support: ► Patreon: https://patreon.com/coffeezilla Follow: ► Twitter: @coffeebreak_yt ► Instagram: @coffeebreak_yt Credits: 3D Artist: Ed Leszczynski @LeszczynskiEd Video Editor: Harry Bagg @HarryRBagg End Credits Composer: Claire Wickes @clairewritesmusic Camera Motion Tracking: Mo-Sys Startracker https://www.mo-sys.com/product/camera-tracking/startracker/ Virtual Production Platform: Aximmetry https://aximmetry.com/ This video is an opinion and in no way should be construed as statements of fact. Scams, bad business opportunities, and fake gurus are subjective terms that mean different things to different people. I think someone who promises $100K/month for an upfront fee of $2K is a scam. Others would call it the "opportunity of a lifetime."

Comments

Shanita Andrews

It's crazy to me that just anyone can call themselves a bank and take people's money. I'm glad you pointed out the difference in treatment regular people get versus the rich and powerful

Holly Plyler

Can we have the laws regarding banks apply to... I donno APPS.

collette

Super upsetting to see the government bias towards the wealthy vs average American :/ hopefully this at least puts a fire under synapse or evolve to stop pointing fingers

NotSoBadAndy

In retrospect "no lose lottery" should have been a clue that something was going to happen. Just sounds suspicious. I'm sure you're following up on this, so I'm looking forward to an eventual part 2.

Alfy Penny

Coffee, just in case you're able to see this comment... THE FONT ON THE FINAL INFO GRAPHIC IS PRETTY HARD TO READ. (The Bladerunner font right before the Patreon names scroll.) ...to me at least lol. I am old with bad eyes I suppose.

beenyweenies

I can’t believe “no-lose lottery” turned out to be a fraud #LeopardsAteMyFace

Kellic

I just don't get why people play with their money like this. Put your money into a credit union, and be done with it. Playing the game of having a middleman between you and your money, or in this case you and the bank is just setting yourself up for problems. Go to an actual freaking bank.

Rodney Peck

the ironic thing with yotta is that although they look super shady, they were undermined by their banking partners who have taken the money. It looks like yotta was rug pulled before they could rug pull themselves.

Linda Tock

Thank you for continuing to fight for the little guy. You do great work Coffee!

Steve

Back when Ask Sebby and Graham Stefan promoted Yotta, and Yotta had weekly drawings and a small interest rate, I was a depositor. Sure, other HYSA had higher rates, but the weekly lottery helped scratch the lottery gambling itch. The first red flag for me was when they added the extra gambling games after they went to daily lotto drawings and even worse odds of winning. When they introduced Yotta Cash to replace actual cash, that was a big red flag and I pulled out. But I still followed the discussions on Reddit. As someone who ignored the red flags and was a victim of the Celsius bankruptcy, my sympathy is for the Yotta, Juno, and Copper customers who only had that one bank account and now all their money is locked up in Synapse's bankruptcy proceedings. Sure, we can say "what were you thinking?" but look at it from a regular, normal person view. Everything Yotta said made it sound like a going concern. The insurance policy to pay the lotto winnings. The FDIC insurance so your money is safe. The only other FinTech failure like this was Beam, but that was resolved as soon as the partner bank got a copy of the ledger from the bankruptcy executor and could send customers' their money. The Synapse bankruptcy is so much bigger and more complicated than that.

David Weintraub

One thing you didn’t mention: Synapse had filed for bankruptcy. It has no cash or employees and a former FDIC chair is now running it. Apparently investors in Synapse knew for years that it wasn’t fully covering the funds it was supposedly depositing in the banks. I have a feeling that the “discrepancy” between what people gave to Synapse and what the FDIC insured bank says are in the accounts disappeared into Synapse.

Arecee773

People should’ve learned from Grahams peddling of FTX that he peddles anything for a check. This is his 2/2 i smell a lawsuit coming his way.

Donald

Is there a good way to get a 300+ million dollar crypto embezzlement scam in front of Coffeezilla. Aside from a milktoast article that Axios put out it hasn't received any real media attention. The guy preyed on many desperate people for years. A man had to leave his pregnant wife in Spain to take a job in Germany. Another man who also signed a court declaration said he could have provided comfort for his dying mother if he had been paid what he was owed. I have put up all the information including some of the court declarations from my civil case on the site www.patrickpaypeople.com I am sorry to be posting like this. I am just not sure how to get any confirmation that anyone from coffeezilla's team has looked at this. Thank you.

Jordan Samuel Fleming

I would take slight issue with the characterisation of the Silicon Valley bank situation. My own company is an SVB customer and like many smaller software companies we’re faced with payroll disruptions due to the situations. It wasn’t just rich and elite people that were helped.

Milien McDermott

Does anyone else who watches Coffee on YouTube get streamed ads that directly correspond to what he's talking about? YouTube will see that I'm watching a series on Day Trading Scammers, and will interrupt Coffee to advertise... Day Trading Scams... To me.