They put thousands into a savings app that promised safety and a free lottery —

Chad Fenner thought he wasn't taking a gamble with his savings but still lost thousands of dollars.

In 2021, he opened an account with Yotta, a savings app that marketed itself as a no-loss lottery — the more you save, the more free tickets you earn toward weekly prize drawings.

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He set up an auto-transfer of $50 every week or two, watched the balance grow and held on to the detail that mattered most: The deposits were FDIC-insured. The app said so on its website.

"I was expecting the same thing as what I had already had in my credit union," Fenner says in a More Perfect Union documentary (1), "except the potential for greater interest returns."

By May 2024, he had $23,419 saved. Then he tried to withdraw $10,000 — but couldn't. Two full years later, he still can't access his money.

Fenner is one of 8

Fuente original: Yahoo Finance (https://finance.yahoo.com/markets/crypto/articles/put-thousands-savings-app-promised-101500624.html)