Goldfinch Africa Lending Plan Collapses: GFI Token Plunges 99.8%, Tens of Millions in Loan Defaults Spark Controversy

a16z-backed crypto lending project Goldfinch faces a major setback in Africa, with multiple loans defaulting or restructuring. GFI token has fallen ~99.8% from its peak, market cap dropped from $390M to under $6M, and bad debts exceed $18M.