Tuesday, December 6, 2022
HomeDeFiTrueFi sends defaulter notice to Blockwater over $3.4 million BUSD credit

TrueFi sends defaulter notice to Blockwater over $3.4 million BUSD credit

On October 9, TrueFi, a decentralised borrowing and lending network, sent default notice to Blockwater Technologies, a South-Korean digital currencies investment company.

TrueFi in the post states that Blockwater had missed a payment on its $3.4 million BUSD credit. The company had already returned $645,405 but still owed $2,967,458 at the time of the default.

TrueFi

TrueFi expressed that it had changed the credit to raise the interest rate and extend maturity, but in the end decided “a court-supervised administrative action would lead to a better conclusion for stakeholders given the complexities surrounding the sudden insolvency.”

TrueFi is a borrowing and lending platform that offers unsecured credits. The network started with more than $1.7 billion in unsecured credits and at present working with nearly $140 million of active loaning across ten credits.

Blockwater is among the various victims who were trapped in the Bear market. This summer, Celsius, a well-known cryptocurrency lending platform having billions under management, filed for bankruptcy.

The company is currently dealing with numerous lawsuits from its investors and consumers for bad business practices and irresponsible investing techniques.

Another cryptocurrency lender, Voyager Digital, also failed this year. Following the collapse of Terra Luna, Three Arrows Capital, a now-defunct cryptocurrency hedge fund, also collapsed. The founders of the firms are currently hiding from law enforcement.

In spite of this, TrueFi stated that its loan book is still “strong and active” and that “borrower demand is high and continues to outperform available capital.”

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