[Goldfinch Loan Funds Backed by a16z Face Tens of Millions in Defaults, GFI Token Drops 99.8%] Odaily Planet Daily reports that a contributor to the African crypto lending project Goldfinch claims the project has experienced loan defaults amounting to tens of millions of dollars, with a market cap loss exceeding $300 million from its peak. The project previously secured $25 million in funding led by Andreessen Horowitz (a16z). The price of its token, GFI, has plummeted 99.8% from its all-time high of $32.94 on January 11, 2022, to below $0.07. A depositor stated that out of 8 borrowers, 2 have defaulted, 6 are undergoing restructuring, and mismanaged funds exceed $50 million. Additionally, loans such as $5 million to Tugende Kenya, $20 million to Stratos, and $10.15 million to Lend East have faced varying degrees of default or impairment, with cumulative losses exceeding $18 million. (protos)