📢📢Crypto app Juno posted on the X platform, revealing the latest developments in the US federal court regarding the ongoing dispute between Evolve and Synapse. Although the dispute has not yet been resolved, significant progress has been made during the hearing. 👩‍⚖️👨‍⚖️

Former Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams has been appointed as Synapse's Chapter 11 trustee, and the court has instructed her to prioritize ensuring that end users can access their funds. The court also requires the US trustee to provide regular weekly updates on progress. 📝📝

Juno said it will work with trustee McWilliams to provide all necessary support, resources and information to facilitate its end users to quickly obtain funds. Any major progress will be notified to users in a timely manner. 🤝🤝

To review, fintech company Synapse raised more than $50 million in total when it was first established, including a $33 million Series B round led by Angela Strange of a16z in 2019. But the company was in trouble due to layoffs in 2023 and filed for bankruptcy protection in April this year, seeking to sell its assets to another fintech company TabaPay for $9.7 million, but was rejected. 📉📉

Currently, Synapse is almost forced to completely liquidate under Chapter 7, and up to 100 fintech companies and 10 million end customers may be affected by the company's collapse, including Juno. 🔥🔥