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A16z-backed decentralized lending protocol Goldfinch announces it will gradually shut down

MarsBitNews
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Mars Finance News, according to Cryptopolitan reports, the decentralized lending protocol Goldfinch supported by a16z announced it will gradually shut down. Last Friday, anonymous investor Edward Morra publicly accused the protocol of mismanagement, leading to over $50 million in user funds lost, claiming that borrower defaults and failed loan restructuring made it nearly impossible for depositors to recover their funds. The day after the post was published, the project announced it would enter a phased shutdown. The protocol's native token GFI fell from a peak of $32.94 in January 2022 to below $0.07, a 99.8% decline, with market capitalization dropping from over $390 million to less than $6 million. Goldfinch was founded in 2021 by former Coinbase employees, aiming to connect crypto capital with credit companies ignored by traditional banks. a16z led a $25 million funding round in January 2022. Problems began to surface months after the funding: Kenya motorcycle financing company Tugende Kenya defaulted, two underlying positions in the $2 billion loan from U.S. credit fund Stratos nearly wiped out, and Singapore borrower Lend East could only repay 58% of the principal. As the loan portfolio deteriorated, the protocol shifted to institutional credit funds but ultimately could not reverse the situation.
GFI-1.08%
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