TrueFi issues first default notice on $3.4M BUSD loan By Cointelegraph
[ad_1]
TrueFi issues first default notice on $3.4M BUSD loan On Oct. 10, unsecured lending protocol TrueFi issued 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 (USDC), TrueUSD (TUSD) and (USDT) stablecoin lending pools, “nor any of TrueFi’s capital market portfolios.”
As outlined in the statement, TrueFi had an extensive out-of-court workout with Blockwater’s 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.
Continue Reading on Coin Telegraph
[ad_2]
Source link
TrueFi issues first default notice on $3.4M BUSD loan On Oct. 10, unsecured lending protocol TrueFi issued 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 (USDC), TrueUSD (TUSD) and (USDT) stablecoin lending pools, “nor any of TrueFi’s capital market portfolios.”
As outlined in the statement, TrueFi had an extensive out-of-court workout with Blockwater’s 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.
Continue Reading on Coin Telegraph
About The Author
