TrueFi issues first default notice on $3.4M BUSD loan
TeknolohiyaNag-isyu ang TrueFi ng unang default na paunawa sa $3.4M BUSD na loan10 10 2022Balita ng Ethereum ng Bitcoin TrueFi does not expect Blockwater Technologies default to affect its stablecoin lending pools or capital market portfolios. On Oct. 10, unsecured lending protocol TrueFi Nagbigay a default notice to Blockwater Technologies for missing a scheduled payment related to its $3.4 million Binance USD (BUSD) loan, the first declared default on the platform to date. According to the company, the default does not impact lenders in its USD Coin (USDC), TrueUSD (TUSD) and Tether (USDT) stablecoin lending pools, “nor any of TrueFis capital market portfolios.” As outlined in the statement, TrueFi had an extensive out-of-court workout with Blockwaters principals last week. After reviewing the “complexity around the sudden insolvency,” the company concluded that a court-supervised administrative proceeding would bring better outcomes for stakeholders. The companies are in active discussions about maximizing the recovery for lenders and stakeholders. According to the statement: “To date, Blockwater has completed 8 payments totalling $645,405 towards loan repayment. $2,967,458 remains due at the time of the default. Further updates will be provided to the TrueFi community and any action required by TrueFi DAO will be subject to tokenholder vote and approval.” Established in