I think it looks less bad in the weird context of 2020-2022, when breaking even with inflation meant moving money into riskier and riskier investments just to keep up with the money printer. I wouldn't have chosen something like BlockFi, but then again I'm one of the idiots that lost via a mix of inflation and various ultra boring indexes.

I can see where it might look tempting or even rational to see how long you can keep the hand on the oven without getting burned for some of the interest rates being offered on these "exchanges", especially in times of pretty desperately negative real interest rates on USD.