Goldfinch, a decentralized lending protocol aimed at Africa's unbanked, is in crisis as two of its eight borrowers have defaulted and six are restructuring debts, leading to losses over $18 million. The project's native token, GFI, has plummeted from $32.94 in January 2022 to under $0.07, a 99.8% drop, with its market cap shrinking from $390 million to less than $6 million. Initially extending over $100 million in loans across 18 countries, Goldfinch's failure is attributed to inadequate off-chain credit assessments, resulting in fund misappropriation and non-repayment by borrowers. As default rates soared, the project shifted focus from African markets to institutional credit funds, abandoning its original mission of inclusive finance.