The criminal trial of fintech startup founder Charlie Javice has begun, with JPMorgan Chase alleging she faked millions of customers to induce the bank to buy her company, Frank, for $175 million. The trial, which started on February 21, has sparked intense interest in the fintech community, with many watching to see how the jury will rule.

Javice's lawyers, however, claim that JPMorgan Chase is experiencing "buyer's remorse" due to a government change in the way financial aid forms are filled out. They argue that alleging fraud was a way for the bank to get out of the deal. The trial's outcome will have significant implications for the fintech industry, particularly in terms of mergers and acquisitions.

In other fintech news, Varo Bank has closed on $29 million of a planned $55 million Series G round, according to a recent SEC filing. The digital bank's founder, Colin Walsh, recently stepped down as CEO, with Gavin Michael taking over the role. The funding round and leadership change come at a critical time for Varo, which is seeking to expand its services and reach more customers.

Crypto exchange Bybit has suffered a major setback, with hackers stealing around 401,346 ETH (approximately $1.4 billion) from one of the company's offline wallets. Bybit's CEO, Ben Zhou, announced the theft in a livestream, highlighting the ongoing security risks faced by cryptocurrency exchanges.

In a positive development for the crypto industry, Coinbase has announced that the SEC has agreed to drop a lawsuit against the company with prejudice, meaning it cannot be filed again. The move is seen as a sign of the Trump administration's more friendly stance towards crypto, following the departure of former SEC leader Gary Gensler. Robinhood has also received good news, with the SEC closing its investigation into the company's crypto unit and declining to pursue action.

Despite the challenges faced by some fintech companies, venture capitalists remain bullish on the space. Several VCs have expressed their ongoing support for fintech startups, highlighting the sector's growth potential and innovation opportunities.

In related news, Dubai-based Mansa has raised $10 million in seed funding, including both equity and debt, to expand its payment services in Africa. Stablecoin provider Tether led the $3 million equity investment, underscoring the growing importance of fintech in emerging markets.

Other notable fintech news includes Synapse's executive alerting accountants before a $100 million missing funds scandal, Brex's revenue growth as it adds high-profile customers like Anthropic and Robinhood, and Block's 18% share price plunge following an earnings miss.

As the fintech industry continues to evolve, these developments highlight the ongoing challenges and opportunities faced by startups and established players alike. With the Charlie Javice trial set to continue, all eyes will be on the outcome and its potential implications for the sector.