Goldfinch faces default crisis as GFI token plummets 99.8%

Decentralized lending protocol Goldfinch is facing a crisis due to loan defaults by its partner firms, Protos reported. According to the report, two of Goldfinch's eight lending firms have officially defaulted, and the remaining six have entered debt restructuring. Total losses exceed $18 million, with allegations that over $50 million is being improperly managed. Consequently, Goldfinch's GFI token has plummeted 99.8% from its January 2022 peak of $32.94 to under $0.07.