The below snippet can be seen in the FolderSync.Date.00.log
2020-11-17 01:00:00.361 [(T08) VSLLC:CustomSynch:Worker00:Schedule(1)] - Synchronizing mailbox table with Online Exchange connector
2020-11-17 01:00:00.361 [(T08) VSLLC:CustomSynch:Worker00:Schedule(1)] - vsPowerShell connecting remotely... Endpoint: 'https://ps.outlook.com/powershell'
2020-11-17 01:00:00.533 [(T08) VSLLC:CustomSynch:Worker00:Schedule(1)] - Wrote eventlog: Error [10101] Error synchronizing Exchange Office 365 mailbox list.
System.Management.Automation.Remoting.PSRemotingTransportException: Connecting to remote server ps.outlook.com failed with the following error message : The SSL connection cannot be established. Verify that the service on the remote host is properly configured to listen for HTTPS requests. Consult the logs and documentation for the WS-Management service running on the destination, most commonly IIS or WinRM. If the destination is the WinRM service, run the following command on the destination to analyze and configure the WinRM service: "winrm quickconfig -transport:https". For more information, see the about_Remote_Troubleshooting Help topic.
There can be an issue from Microsoft's end at times, which prevents the connections to their tenant on Powershell Endpoint URL : https://ps.outlook.com/powershell. This prevents Folder Sync from collecting User/Mailbox information.
1. Launch ArchiveToolsFolderSyncConsole.
2. Navigate to ArchiveAccelerator -> Tasklist.
3. Right-click on the FolderSync task and Stop it.
4. Right-click on the FolderSync task and click on Properties.
5. Click on the Settings tab and replace the Powershell Endpoint URL in the Office 365 section. Change https://ps.outlook.com/powershell to https://outlook.office365.com/powershell-liveid/ and then click on Apply->OK.

6. Navigate to Tasklist and right-click on the FolderSync task and Start it.
Confirm that processing of mailboxes is now successful.