Odaily Planet Daily News Crypto application Juno posted on the X platform that on May 24, 2024, the U.S. Federal Court held a hearing on the ongoing dispute between Evolve and Synapse. Although the dispute remains unresolved, significant progress was made during the hearing. Jelena McWilliams, former chairman of the Federal Deposit Insurance Corporation (FDIC), has been appointed as Synapse's Chapter 11 trustee. The court has instructed trustee McWilliams to prioritize ensuring that end users have access to their funds. In addition, the court also requires the U.S. trustee to update progress regularly every week. Juno is committed to working with trustee McWilliams to provide all necessary support, resources and information to facilitate its end users to quickly obtain funds. If there is any major progress, the official will notify users in a timely manner. Earlier news, BaaS fintech company Synapse raised more than $50 million in financing at the beginning of its establishment, including a $33 million Series B financing led by Angela Strange of a16z in 2019. The company, which struggled with layoffs in 2023, 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. The company is now almost forced to liquidate completely under Chapter 7, and according to documents filed by Synapse, up to 100 fintech companies and 10 million end customers may be affected by the company's collapse, including Juno.