Case summary
What happened
Donut offered consumer-facing crypto savings and yield plans and relied on lending counterparties including Genesis Global Capital. After Genesis suspended redemptions on 16 November 2022, Donut account access and withdrawals were affected. Donut announced discontinuation in February 2023 and said the mobile app would be removed by 31 March 2023 while users were moved to a web dashboard. Genesis began creditor distributions in August 2024, but reviewed sources do not establish one completed Donut-specific recovery date or universal recovery percentage.
Customer result
Customer outcome
Claims ongoing
Genesis began creditor distributions in August 2024, but the reviewed sources do not establish one Donut-specific completion date or recovery percentage for every user. Gemini Earn's separately documented outcome is not applied to Donut.
- Estimated recovery
- No universal Donut-specific final recovery rate is established by the reviewed sources.
- Repayment started
- —
- Repayment completed
- —
- Confidence
- Medium
Asset treatment
Terms risk
Unclear
Unclear is used because the reviewed public record establishes the counterparty restructuring but not one complete set of Donut contractual ownership terms.
- Affected product
- Donut Grow, Build, Save and related account balances
- Confidence
- Medium
Donut customer balances were exposed through a Genesis-linked yield arrangement, but the reviewed sources do not establish one uniform ownership priority or claim treatment for every Donut product and user.
Known unknowns
Uncertainty
The 2019 launch date is approximate. The 31 March 2023 date is the stated mobile-app removal deadline, while the current site does not publish a separate legal shutdown date. Genesis distributions cannot be treated as proof that every Donut user received the same recovery or that all Donut claims are complete.
Chronology
Historical record
Donut begins operating
Donut began offering a consumer crypto savings and yield application.
Launch date is approximate and recorded at year-level.
Genesis redemption halt affects Donut accounts
Genesis Global Capital suspended redemptions, and Donut users were unable to access normal account withdrawals through the Genesis-linked yield arrangement.
The Genesis halt date is confirmed; Donut-specific account effects are supported by contemporaneous Donut-related reporting.
Genesis lending entities file Chapter 11
Genesis Global Capital and related lending entities entered Chapter 11, moving the underlying Donut counterparty exposure into a court-supervised restructuring process.
Donut itself did not file Chapter 11; this event records the underlying counterparty process affecting Donut users.
Donut announces discontinuation
Donut announced that it would discontinue the service after the Genesis creditor term sheet became public.
The announcement date is supported by a contemporaneous reproduction of Donut's user communication.
Donut mobile app removal deadline
Donut stated that its mobile app would be removed by 31 March 2023 and that user accounts had been moved to a web dashboard for balances, statements and future withdrawals.
The date is the announced app-removal deadline and is used as the platform end date.
Genesis begins creditor distributions
Genesis completed its restructuring and began distributing digital assets and U.S. dollars to creditors under its Chapter 11 plan.
This is an underlying Genesis distribution milestone; reviewed sources do not establish a universal Donut-specific recovery or completion date.
Source record
Evidence dossier
Filter by claim, reliability, source type, and whether evidence is linked to a specific event.
customer outcome
1 sourcesGenesis completes restructuring and commences creditor distributions
Genesis via Business Wire · 2024-08-02
First-party Genesis distribution milestone. It does not prove identical or completed recoveries for every Donut user.
end date
1 sourcesDonut App Store release-note history
AppsHunter · 2023-02-22
Mirrors release notes stating that the Donut app would be removed from the App Store by 31 March 2023 and accounts moved to a web dashboard.
Event
3 sourcesDonut is gone
Coinmonks / Medium · 2023-02-18
Contemporaneous article reproduces Donut's user communication connecting the service disruption to Genesis and announcing discontinuation.
Donut discontinuation announcement reproduced in contemporaneous coverage
Coinmonks / Medium · 2023-02-18
Reproduces Donut's statement that it was discontinuing the service after the Genesis creditor term sheet milestone.
Genesis initiates Chapter 11 restructuring
Genesis via Business Wire · 2023-01-19
First-party announcement of Chapter 11 filings by Genesis lending entities. Donut itself was not a debtor in this filing.
failure reason
1 sourcesGenesis crypto-lending unit halts customer withdrawals
CoinDesk · 2022-11-16
Contemporaneous source for the Genesis redemption halt that affected Genesis-linked yield programs.
status
1 sourcesDonut closure page
Donut
Current first-party page states that Donut has closed and directs users to final account updates by email.
url history
1 sourcesDonut website archive captures
Internet Archive
Historical captures support the Donut platform identity and operating history.
No evidence records match the current filters.
Comparative records