Due to the delay in the payment of $3.4 million in debt, TrueFi issued a default notice to the crypto investment firm Blockwater

2022-10-10 12:10:01

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ChainCatcher news, the unsecured lending protocol TrueFi has issued a default notice, stating that the South Korean crypto investment firm Blockwater is in arrears on its loan of approximately $3.4 million, which accounts for about 2% of TrueFi's total outstanding loans. The TrueFi credit team has engaged in an out-of-court settlement with Blockwater's trustees, including a loan amendment to increase the borrowing interest rate and extend the maturity date.

So far, Blockwater has made 8 payments totaling $645,405 towards the loan repayment, with $2,967,458 still due at the time of default. Further updates will be provided to the TrueFi community, and any actions requested by the TrueFi DAO will depend on the voting and approval of token holders. (source link)

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