During its operation, the protocol has issued over $100 million in loans to borrowers in Africa and other emerging markets; however, out of eight borrowers, two have defaulted, and six are undergoing restructuring. Depositors’ losses have exceeded $50 million.
Co-founder Blake West acknowledged the failure but rejected accusations of fraud: the team spent $7 million of its own funds to repay debts to depositors. “Ordinary crypto investors don’t want private lending,” he wrote. The expected return horizon is two years or more.
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