The second is because the information to evaluate risk isn't available to majority of lenders. Thus the risk as perceived by 'the market' is meaningless. It's obviously riskier than government bonds, sure, but that only sets a very low floor.
Of course there is information available. It's not the first Bitcoin exchange, not the first BVI registered company and also not the first one that does not publish financial statements. There is more than sufficient general (macroeconomic) information on all of this. Also the firm specific information isn't a complete void, just think of system failures, reputation, flash crashes on the platform, etc. There are a ton of variables that relate to credit risk. And of course there are inefficiencies, but this does not make the rate 60-80 times higher than the risk free rate (1 month).