Abstract

The 2024 collapse of Synapse Financial Technologies revealed systemic vulnerabilities within the fintech sector, particularly the operational and legal risks arising from reliance on third- party service providers. This article critically examines these risks through a case study inspired by real-world practice involving Lyntera Pte Ltd, a Singapore-based cryptocurrency exchange, and Valderix AG, a Swiss blockchain infrastructure provider. The dispute illustrates how software-as-a-service (SaaS) arrangements can result in a disjunction between legal ownership and practical (technical) ...