Blockwater Technologies is Unable to Pay a $2.97M DeFi Loan to TrueFi
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South Korean crypto-centered investment firm Blockwater Technologies has just defaulted on a $2.97 million BUSD loan received through DeFi protocol TrueFi.
The parties restructured the loan in August, extending the payment period. Prior to this, the company transferred about $650,000 as a repayment within eight transactions. The loan amount was $3.42 million in BUSD.
According to the statement:
“Potential litigation will lead to a better outcome for stakeholders.”
The situation with Blockwater Technologies has not affected the protocol’s other credit pools. According to the company, bad debt represents about 2% of the total portfolio.
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