Good information. I didn’t read all the links but it seems like a serious clusterf***. They didn’t think fraud through, someone took the for a $190k ride and likely locked out customers who together had deposited a lot more than that.
Some more information I just found out, the company was founded by 2 people Aaron Du and Tony Xiao. I personally spoke to Tony in Dec of 2018 regarding issues with the app, (not knowing he was a co-founder) and from my conversations with him I believe he is an honest man.
So now, matching 2 and 2 together, the red flags were there in early 2019 when Tony messaged me that we was leaving the company.
Here is a massage from April 2019
I'm moving to my own startup creating a personal money manager that I actually want to use (think better Mint.com)
Beam has been hiring new engineers to help take over what I've been doing. However I'm not entirely sure about the details - haven't been super up to date since leaving and will likely not have access to this email account for much longer. I'm really sorry that you're still having trouble with the app and wish I was able to do more to help before leaving the company
If I'm not mistaken Dan got a 7% apy from them I'm curious as to his experience.