Goldfinch (GFI)

According to a report by Protos, Goldfinch – an on-chain lending project backed by a16z, Coinbase Ventures, SV Angel and well-known investor Bill Ackman – has recently been questioned by community participants over a potential large-scale bad-debt issue. Depositors say that among the eight borrowing institutions partnered with the project, two have defaulted and six are undergoing restructuring, “over $50 million of funds have been mismanaged.” Goldfinch launched in 2021, focusing on providing financing to African and other emerging-market enterprises via DeFi, and is considered one of the early representative projects in the RWA (real-world asset) and on-chain lending space. In 2022, a16z led a $25 million funding round. Its token GFI has dropped more than 99% from its January 2022 peak of $32.94, and its market cap has shrunk from about $390 million in 2024 to less than $6 million.

https://t.co/tHPRF8uBll

Shoutout to $GFI for the masterclass.

Coinbase PM + Goldman middle office resume underwriting West African loans.

8/8 borrowers defaulting or restructuring. $50M gone.

$400k CRO whose job is bi-weekly Discord updates.

$GFI went on the attack. Apparently it was waiting for me 😂😎 https://t.co/661KwqNAeV