DeFi protocol Goldfinch backed by Coinbase Ventures and a16z, used social trust for uncollateralized loans to businesses in Africa and Asia, promising around 10% yields. Morra lost most of his 2021-2022 deposits amid defaults and restructurings, with $53.8 million in troubled loans and an official 19.95% loss rate that he claims exceeds 70%.

On-chain data reveals troubling signs for Goldfinch. Protocol TVL has dropped 85% from its $100M peak, with daily active users down 90% since 2022. Whale wallets have been steadily redeeming positions - $12M withdrawn in past 30 days alone. Smart money flows suggest deeper issues than the official loss rate indicates.

Top comment by @OnChainOracle

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