The Synapse bankruptcy saga has sent shockwaves through the Banking-as-a-Service (BaaS) world, as $85 million in missing funds have been revealed. Former CEO Sankaet Pathak disclosed in court that funds were commingled, creating a complex challenge in determining ownership and restitution timelines. Despite the lack of funds for forensic accountants, insights from Amias Gerety of QED Investors suggest longstanding operational and structural issues at Synapse. Gerety believes that focusing on money trails is essential for BaaS players like Copper and Juno to survive. The case highlights the importance of fund segregation, as firms like Treasury Prime ensure separate accounts for FinTechs to prevent commingling. Gerety predicts industry consolidation and regulatory changes to strengthen BaaS players. Meanwhile, warning signs of reconciliation challenges and lawsuits against Synapse indicate the need for improved operational transparency and diligence in the FinTech sector.