Odaily reported that a contributor to the African crypto lending project Goldfinch claims that the project has experienced tens of millions of dollars in loan defaults and has lost over $300 million in market value from its peak.

The project previously secured a $25 million funding round led by Andreessen Horowitz (a16z). Its token, GFI, has fallen 99.8% from its all-time high of $32.94 on January 11, 2022, to below $0.07. A depositor stated that among eight borrowers, two have defaulted and six are in a restructuring phase, with mismanaged funds exceeding $50 million. Furthermore, loans including a $5 million facility to Tugende Kenya, a $20 million loan to Stratos, and a $10.15 million loan to Lend East have all experienced varying degrees of default or impairment, with cumulative losses exceeding $18 million. (Protos)