Richard Pictures

@jarvis_best Rent free

I'm glad the Avs are playing the Wild. Not so much because I think they're an easier out, but because the Stars can't go an entire period without trying to turn someone into a quadriplegic.

@womenpostingws Imagine the smell

Olympic silver medalist and Italian gymnast Giorgia Villa is sponsored by parmesan cheese and takes many of her photos while posing with large wheels of cheese

@donutapp Good to know an NDA was the reason for the vagueness. This update goes just a bit over my head. Is there a sense of how likely it is we get the 70-90% (or zero) and what would be a realistic timeline?

Update: Until now, strict restrictions have limited our ability to communicate effectively. This has made it difficult to provide the level of openness you deserve. We apologize if you feel there has been a lack of transparency. With today’s update, we’re now able to share additional information. help.donut.app/en/articles/67…

Thank you for your continued patience, understanding and words of encouragement. Starting today, and every Tuesday and Friday until a resolution is reached, we will publish updates to our FAQ with the latest material information available. help.donut.app/en/articles/67…

@Frances_Coppola @donutapp So based on this, do Donut users have no recourse to get back anything beyond the 5% of their funds? Will likely none of the dissolving of Genesis trickle down far enough? Will Donut be liable for anything?

"I bring you the sad tale of a crypto lender that promised safety and high returns to its depositors, but whose promises have proved as hollow as its name." New CC post, about the mess that Genesis's failure has made of @Donutapp. coppolacomment.com/2023/01/hollow… (pic does not link)

@Player1515i @donutapp I’m trying to give Donut the benefit of the doubt here, as they are all we’ve got in getting back any of our money, but I don’t see how labeling an unsecured loan as 125% collateralized is anything but a lie. Not to mention putting 95% of funds there and saying “diversified”

@donutapp You lied about the collateral. You told me and other users that all lending partners had collateral of 125% but on the bankruptcy notes it says you have 80 million dollars worth of “unsecured” loans meaning they had zero collateral.

@efrain20100 @donutapp Yes, I do appreciate them sticking to their update timeline, letting us acces what we can, and continuing to do everything they can to work with Genesis.

@donutapp It is good news despite all this moment that is happening. we know they are still fighting for our money.

@ganeshag1 @Handyman590 @donutapp They were open about this not being FDIC insured, but this does seem like very blatant false advertising. We are now experiencing the results of doing the opposite of the self-described strategy. I appreciate the transparency now, but only getting back 5% really stings.

@Handyman590 @donutapp 5% of fund for Save users .. 95% of fund was sent to genesis. and here is the egg story for fun reading

@Handyman590 @ganeshag1 @Insights4U @donutapp I hate to say it and would love to be wrong, but I suspect the percentage not in Genesis is startlingly low. Single digits.

@ganeshag1 @Insights4U @donutapp I agree. I think they thought this would be resolved a lot faster. Either way, they should release the alternate lender funds asap.

I need to repost this. Why is #donutapp not able to do the same? blockworks.co/news/circle-yi…

@Handyman590 @kellyjohart @LossiaMichael @Eischman1 @donutapp @Gemini @GenesisTrading That is true, and I don’t doubt Donut is doing everything they can to try to get them to pay back their loans as quickly as possible. I have no issue waiting for them to get the liquidity required. I just get the feeling Genesis is trying to duck out via bankruptcy.

@RichardPicture3 @kellyjohart @LossiaMichael @Eischman1 @donutapp @Gemini @GenesisTrading Genesis can’t just call in the loans on their books. They have contract loan terms for certain amounts of time. Once more get paid back, more liquidity will be available

1/ Update for Donut users 🍩 We continue to work directly with Genesis, its parent company DCG, and a group of creditors in a similar position, to find a resolution for users to redeem their funds.

@Handyman590 @kellyjohart @LossiaMichael @Eischman1 @donutapp @Gemini @GenesisTrading Genesis did admit to $175m with FTX that we can assume is gone. Genesis seems to be leaning into the idea of bankruptcy, which leads me to believe they have no faith in their other “collateral.” I fear Donut took them at their word on overcollateralization without verifying.

@kellyjohart @LossiaMichael @Eischman1 @donutapp @Gemini @GenesisTrading No one has defaulted on their loans to Genesis yet. Too many people withdrawing too quickly and they didn’t have enough money on hand to pay everyone

@Insights4U @theneelpopat @donutapp Interesting summary. Sounds like the most likely outcome is that we get 40 cents on the dollar for our money in Donut, unless Donut can successfully go after DCG for the remainder.

@theneelpopat @donutapp This is a reality check! What is really going on with Genesis, the parent company, and what will happen to our funds. youtu.be/1lNUCWw7pkk

@Scootmcpoot @KarrSmita @donutapp Where was this said?

@KarrSmita @donutapp Neel said he wants to work something like that out. Not sure how soon.

Hey all 👋 Thank you for your continued trust and patience as we navigate this situation together! To honor our 48 hour commitment, here’s the latest update: help.donut.app/en/articles/67…

@TheOuthouseMaus @donutapp @theneelpopat According to their site, for tax purposes their addresses is: Donut, Inc. 6121 Sunset Boulevard Los Angeles, CA 90028 United States

@donutapp @theneelpopat What is the physical address at which Donut, Inc. receives postal mail?

@dan428 @BitcoinBirch @donutapp @TeenMick

Hey all 👋 This morning, Donut’s principal lending partner, Genesis, paused withdrawals along with new loan originations. Here’s what that means for Donut users: