Bankruptcy trustee: MongoDB threatening deleting all Synapse customer data

https://www.pymnts.com/legal/2024/former-fdic-chair-faces-data-crisis-in-synapse-financial-bankruptcy/

by trollbridge • 2 years ago

3 5 2 years ago

pymnts.com

dave4420• 2 years ago

Why post this now?

July 7th was two days ago.

trollbridge2• 2 years ago

There haven't been any updates in the press that I can find since then, and it's an interesting scenario: if MongoDB deletes the data, there's really no way to reliably figure out who the accounts belong to.

hindsightbias2• 2 years ago

As the July 7 deadline approaches, McWilliams said she is working to secure and migrate the data critical to Synapse’s operations and the interests of its creditors and consumers.

Or, you could just pay the bill.

trollbridge2• 2 years ago

The company is bankrupt and was mismanged (otherwise, there would have been backups of this critical data).

The bankruptcy trustee's job is to ensure every creditor is treated fairly, recover as many assets as possible, and that creditors and then owners are rightfully paid.

We'll see what a court has to say about MongoDB demanding $140k to keep the data around a few extra months. Bankruptcy courts can and do issue stays for things like leases all the time; this is effectively a lease, and I would not be surprised to see it treated as such.

Realistically, the company can owe MongoDB an extra $140k, and then they can become a creditor and get in line with everyone else if they want their money so badly. (Somehow I doubt they are incurring $140k in expenses to store Synapse's data.)

hindsightbias2• 2 years ago

I predict McWilliams is already spending over $140K to migrate the data.

Bankruptcy trustee: MongoDB threatening deleting all Synapse customer data

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