π Donation platform Flipcause collapses, owes millions
The donation platform Flipcause collapsed in December 2025 after users reported delayed donation transfers as early as late 2024. This Oakland-based platform left nearly $29 million owed to over 3,200 US-based nonprofits. Bankruptcy records revealed $3.8 million was paid to executives and related firms before liquidation. The company treated donations as its own assets while facing liquidity issues in 2025. A creditor meeting in March 2026 raised serious questions about the company's financial management.