YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

Blockwater Technologies Defaults Loan from TrueFi

October 10, 2022
in Blockchain
Reading Time: 2 mins read
A A
Blockwater Technologies Defaults Loan from TrueFi
ShareShareShareShareShare

Decentralized lending protocol TrueFi announced that Blockwater Technologies has defaulted on a loan, which is another example of the crypto industry’s insolvency crisis.

You might also like

DYDX/USD Eyes Additional Gains Above $3.1

DYDX/USD Eyes Additional Gains Above $3.1

January 31, 2023
Kazakhstan Seeks to Improve Cryptocurrency Trading Framework

Kazakhstan Seeks to Improve Cryptocurrency Trading Framework

January 31, 2023

The protocol issued a “notice of default” to the South Korean blockchain investment firm on October 6 after it failed payment on a $3.4 million loan in Binance USD (BUSD) stablecoin, according to a statement from TrueFi.

The debt default from Blockwater came about after the two firms restructured the loan and extended the payment period in August. 

The blockchain investment firm has only managed to repay $654,000 of its outstanding debt following the restructuring decision. However, the firm failed to make payment on time, and the debt currently amounts to $3 million.

Defaulting on a loan means that a company has stopped making payments on a loan according to the terms and conditions agreed upon by both parties.

According to the lending protocol’s statement, TrueFi determined that “a potential court-supervised administrative proceeding would lead to a better outcome for stakeholders given the complexity around the sudden insolvency.”

“While we always prefer to pursue an out-of-court solution with distressed borrowers, in some instances an administrative proceeding is the best option in preserving value for stakeholders,” Roshan Daria – head of lending at ArchBlock – responsible for managing relationships between lenders and borrowers on the TrueFi protocol, told CoinDesk.

Many crypto companies have gone bankrupt this year due to the dramatic downturn of the crypto market, which took an even worse turn after the implosion of the Terra blockchain. Companies that have suffered bankruptcy include hedge fund Three Arrows Capital (3AC), crypto lender Celsius Network, digital asset broker Voyager Digital and crypto-mining data centre operator Compute North.

TrueFi remained in “active discussion” with Blockwater. As per the statement, it said that Blockwater’s insolvency does not affect the protocol’s other lending pools.

Image source: Shutterstock

Credit: Source link

Related Stories

DYDX/USD Eyes Additional Gains Above $3.1
Blockchain

DYDX/USD Eyes Additional Gains Above $3.1

January 31, 2023
Kazakhstan Seeks to Improve Cryptocurrency Trading Framework
Blockchain

Kazakhstan Seeks to Improve Cryptocurrency Trading Framework

January 31, 2023
Bitcoin Price Heads Towards Weekly Low of $22,300 – Will We See A Rebound?
Blockchain

Bitcoin Price Heads Towards Weekly Low of $22,300 – Will We See A Rebound?

January 31, 2023
Meta Masters Guild Crypto Presale $2.1 Million Sold – Can This 10x Your Investment?
Blockchain

Meta Masters Guild Crypto Presale $2.1 Million Sold – Can This 10x Your Investment?

January 31, 2023
Next Post
Metyis helps launch Swiss Crypto Marvels – NFTs for a good cause

Metyis helps launch Swiss Crypto Marvels – NFTs for a good cause

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Senator Ted Cruz Wants Vendors to Accept Bitcoin at the Capitol

Senator Ted Cruz Wants Vendors to Accept Bitcoin at the Capitol

January 26, 2023
Oil Profit Review 2023 – Scam or Not?

Oil Profit Review 2023 – Scam or Not?

January 26, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 22,995.00 1.24%
    • ethereumEthereum (ETH) $ 1,580.25 1.1%
    • tetherTether (USDT) $ 0.993242 0.64%
    • usd-coinUSD Coin (USDC) $ 0.992690 0.77%
    • bnbBNB (BNB) $ 310.26 1.47%
    • xrpXRP (XRP) $ 0.406382 3.14%
    • binance-usdBinance USD (BUSD) $ 0.997207 0.27%
    • cardanoCardano (ADA) $ 0.387195 4.21%
    • dogecoinDogecoin (DOGE) $ 0.095436 9.46%
    • matic-networkPolygon (MATIC) $ 1.10 2.2%
    • okbOKB (OKB) $ 37.29 1.17%
    • solanaSolana (SOL) $ 23.85 0.41%
    • staked-etherLido Staked Ether (STETH) $ 1,574.45 0.95%
    • polkadotPolkadot (DOT) $ 6.23 0.82%
    • shiba-inuShiba Inu (SHIB) $ 0.000012 2.39%
    • litecoinLitecoin (LTC) $ 93.16 3.04%
    • avalanche-2Avalanche (AVAX) $ 19.77 0.99%
    • tronTRON (TRX) $ 0.061850 0.51%
    • daiDai (DAI) $ 0.995251 0.49%
    • uniswapUniswap (UNI) $ 6.54 1.51%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 22,920.00 1.08%
    • cosmosCosmos Hub (ATOM) $ 13.28 1.84%
    • chainlinkChainlink (LINK) $ 6.91 0.42%
    • the-open-networkToncoin (TON) $ 2.27 0.54%
    • leo-tokenLEO Token (LEO) $ 3.52 1.75%
    • moneroMonero (XMR) $ 175.76 0.1%
    • ethereum-classicEthereum Classic (ETC) $ 21.53 1.47%
    • aptosAptos (APT) $ 16.82 1.76%
    • bitcoin-cashBitcoin Cash (BCH) $ 131.76 1.66%
    • stellarStellar (XLM) $ 0.090281 0.62%
    • apecoinApeCoin (APE) $ 5.81 0.74%
    • quant-networkQuant (QNT) $ 141.04 0.74%
    • crypto-com-chainCronos (CRO) $ 0.078872 1.92%
    • nearNEAR Protocol (NEAR) $ 2.31 1.35%
    • filecoinFilecoin (FIL) $ 5.20 2.64%
    • lido-daoLido DAO (LDO) $ 2.18 6.53%
    • algorandAlgorand (ALGO) $ 0.240567 0.7%
    • vechainVeChain (VET) $ 0.023024 0.48%
    • internet-computerInternet Computer (ICP) $ 5.86 2.39%
    • hedera-hashgraphHedera (HBAR) $ 0.064289 1.24%
    • fantomFantom (FTM) $ 0.534580 13.88%
    • decentralandDecentraland (MANA) $ 0.735602 0.28%
    • axie-infinityAxie Infinity (AXS) $ 10.76 0.51%
    • aaveAave (AAVE) $ 82.29 1.93%
    • eosEOS (EOS) $ 1.06 1.18%
    • the-sandboxThe Sandbox (SAND) $ 0.724281 0.85%
    • flowFlow (FLOW) $ 1.05 7.82%
    • elrond-erd-2MultiversX (EGLD) $ 42.76 2.19%
    • fraxFrax (FRAX) $ 0.993854 0.69%
    • terra-lunaTerra Luna Classic (LUNC) $ 0.000170 3.62%