I'm a little surprised they didn't do this a month ago. Build a longer runway next time.

At any rate, insolvency is the ultimate fate of all Bitcoin financial services companies. The reason is simple: You could lend your coins to these companies and get ~20% interest with tons of counter-party risk (these are new companies with no track-record). Or you could hold your coins and get a ~200% real return (average YoY) with zero counter-party risk. Given the latter option, no sane person would pick the former. Only the greedy pick the former. And the greedy get blown out during bear markets.

May the bear market continue for another 6 months and go even lower, so we can be rid of these caustic Bitcoin financial services companies once and for all.