In October 2024, a significant number of individuals active in the financial market were alerted to troubling revelations about Bank Master through a report from the magazine Piauí. This report detailed the high-risk operations of Daniel Vorcaro and the bank’s strategy of selling unrealistic returns on its CDBs (Certificates of Bank Deposit). The situation had grown concerning, as many individuals in the market began expressing skepticism about the viability of such investments, which were backed by exaggerated commissions for sellers and hollow assurances of safety from the Financial Guarantee Fund (FGC). These concerns were echoed in trading circles, especially among those closely monitoring the distribution of these financial products in São Paulo's Faria Lima district.

At that time, the Central Bank of Brazil had already issued warnings regarding Bank Master's inability to meet its obligations, highlighting the potential instability not only of Master itself but also its affiliates, including Will Bank. Despite the clear signs that the bank's business model was unsustainable, it seemed to be business as usual, as firms continued promoting these questionable financial products. Most alarmingly, during the same month, Fitch Ratings unexpectedly upgraded Bank Master’s credit rating, raising eyebrows among financial experts who could not reconcile the upgrade with the existing risks outlined in the market.

The situation raises significant questions about regulatory oversight and the role of rating agencies in ensuring financial stability. As Bank Master’s practices come under scrutiny, the gap between perceived and actual risk in the banking system highlights the potential for serious repercussions if authorities do not intervene. Investors are left to navigate a murky landscape of exaggerated claims and the threats posed by financial institutions that may not represent their true creditworthiness, emphasizing the need for greater transparency in financial markets.