Cryptoverse: Crypto lenders face a DeFi drubbing

FILE PHOTO: A bitcoin representation is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier

(Reuters) - Crypto lending may not be down and out, but it's certainly on the ropes.

Crypto lenders have boomed over the past two years, attracting tens of billions of dollars in bitcoin, ether and other coins which they in turn lent out or invested, often in decentralized finance (DeFi) projects with sky-high returns.