This is TrueFi’s first and only declared credit default to date.
Decentralized finance lending protocol TrueFi issued a “notice of default” to Blockwater Technologies on October 6th for failing to make a scheduled payment of more than $3.4 million loan in BUSD.
and Voyager Digital. It also led to the unwinding of DeFi. Blockwater’s default appears to be the latest instance in the digital asset industry’s insolvency crisis., TrueFi stated that its credit group led an exhaustive out-of-court workout with the principals of the South Korean blockchain investment firm, including a loan amendment to increase the borrowing rate and extend maturity.
“The Blockwater default does not affect lenders in TrueFi’s USDC, TUSD, USDT stablecoin lending pools, nor any of TrueFi’s capital market portfolios.”
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