Blockwater Technologies defaulted on a $2.97 million of DeFi loan

Blockwater Technologies defaulted on a $2.97 million of DeFi loan

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by dapp_writer005

4 years ago

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.

Potential litigation will help to arrive at the best possible outcome for the conflicting parties.

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.

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