Richard Pictures

[Richard Pictures @RichardPicture3]

@jarvis_best Rent free

[Richard Pictures @RichardPicture3]

@womenpostingws Imagine the smell

[Richard Pictures @RichardPicture3]

@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?

[Richard Pictures @RichardPicture3]

@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?

[Richard Pictures @RichardPicture3]

@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”

[Richard Pictures @RichardPicture3]

@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.

[Richard Pictures @RichardPicture3]

@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.

[Richard Pictures @RichardPicture3]

@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.

[Richard Pictures @RichardPicture3]

@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.

[Richard Pictures @RichardPicture3]

@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.

[Richard Pictures @RichardPicture3]

@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.

[Richard Pictures @RichardPicture3]

@Scootmcpoot @KarrSmita @donutapp Where was this said?

[Richard Pictures @RichardPicture3]

@TheOuthouseMaus @donutapp @theneelpopat According to their site, for tax purposes their addresses is:

Donut, Inc.
6121 Sunset Boulevard
Los Angeles,
CA 90028
United States

[Richard Pictures @RichardPicture3]

@dan428 @BitcoinBirch @donutapp @TeenMick