Goldfinch, backed by a16z, faces tens of millions in loan defaults, with GFI token down 99.8%

Odaily Planet Daily News A contributor to the African crypto lending project Goldfinch has claimed that the project has suffered tens of millions of dollars in loan defaults and has lost over $300 million in market value from its peak.

The project previously received a $25 million investment 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. According to a depositor, out of 8 borrowers, 2 have defaulted, 6 are in restructuring, and mismanaged funds exceed $50 million. Furthermore, loans including $5 million to Tugende Kenya, $20 million to Stratos, and $10.15 million to Lend East have experienced varying degrees of default or impairment, resulting in cumulative losses exceeding $18 million. (protos)