It sounds like they intermixed user deposits with operating capital from day 1, and never accounted for anything well enough to have a responsible estimate of whether they had money to donate.
I think this is plausible, but I would currently take a bet against this. My best guess is that customer deposits were safe until earlier this year.
I think this is plausible, but I would currently take a bet against this. My best guess is that customer deposits were safe until earlier this year.