Cryptocurrency investment company Blockwater Technologies (South Korea) has defaulted on a $2.97 million BUSD loan commitment it received through the TrueFi DeFi protocol.
The parties restructured the loan in August and extended its maturity. Before that, the company, with the help of 8 transactions, transferred approximately 654 thousand US dollars as a repayment. The loan amount - 3,420,000 US dollars in BUSD.
The case with Blockwater Technologies did not affect the rest of the protocol's credit pools. Approximately two percent of the total portfolio - bad debt.
TrueFi reports that the site has provided more than $1.7 billion in unsecured loans in its entire working time. $1.5 billion for 136 loans was received from borrowers, not excluding interest, in the amount of $34.34 million.
To date, US$140,000,000 in loans have been issued in 10 transactions. The company highly appreciated their quality and indicated that the interest of borrowers and the support of large creditors remained.
