1 year ago
Unsecured lending protocol TrueFi has issued a notice of default to Blockwater Technologies for failing to repay a $3.4 cardinal indebtedness agreement.
According to Blockwater’s borrower profile, the task superior steadfast borrowed astir $16.8 cardinal from TrueFi successful 2021. It repaid up to $13.4 cardinal earlier seeking indebtedness restructuring successful August 2022.
As a result, TrueFi agreed to extend Blockwater’s indebtedness repayment beyond August. Since then, Blockwater has been capable to repay lone $645,405 of the outstanding indebtedness and failed to repay astir $2.9 cardinal connected the scheduled date.
TrueFi said that portion it is successful treatment with Blockwater and its advisors to retrieve the remaining funds, it has to prosecute successful ineligible proceedings.
“A imaginable court-supervised administrative proceedings would pb to a amended result for stakeholders fixed the complexity astir the abrupt insolvency.”
TrueFi added that Blockwater’s indebtedness default does not impact different lending pools nether its management. So far, TrueFi has issued astir $1.7 cardinal successful loans and collected astir $1.5 cardinal successful repayments.
TrueFi’s increasing database of outstanding loans
Blockwater’s $3.4 cardinal indebtedness default accounts for conscionable 2% of TrueFi’s full outstanding loans.
TrueFi $BUSD Pool Update:
TrueFi issued a announcement of default to Blockwater for non-payment connected its $3.4m restructured loan
NWH/Invictus entered a Cayman voluntary liquidation proceeding and whitethorn not repay its $1.0m indebtedness owed 10/30
Bastion has repaid its $10m indebtedness owed 10/4 successful full
— TrueFi (@TrueFiDAO) October 9, 2022
TrueFi whitethorn hazard not recovering immoderate $1 cardinal owed by Invictus Capital, which precocious filed for bankruptcy.
TrueFi besides has vulnerability to the precocious hacked Wintermute — which owes astir $92 cardinal retired of $275.6 cardinal it borrowed.
Amid concerns that much borrowers whitethorn default connected their loans owed to carnivore marketplace contagion, TrueFi said it is offering lenders afloat extortion done the TrueFi SAFU.
All atrocious indebtedness volition beryllium transferred to the SAFU astute contract, which repays lenders successful TrustToken (TRU) portion slashing up to 10% of the borrower’s staked TRU tokens.
The station TrueFi issues announcement of default to VC steadfast Blockwater connected $3.4M loan appeared archetypal connected CryptoSlate.
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