South Korean investment firm has received a default notice on its loan taken on collateral-free lending platform TrueFi.
Blockwater received a"notice of default" on Oct. 6 after it missed a scheduled payment for a loan that was taken in the BUSD stablecoin, perTrueFi said it has collected approximately $645,000 in eight repayments and the remaining debt is estimated to be $2.96 million at the time of the default. The $3.4 million loan default represents about 2% of TrueFi’s Total Value Outstanding, the lender added.
Originally, the loan had a maturity of 90 days ending in the of the first week of August. Later, as part of negotiations between the two parties, the $3.4 million loan was restructured with the loan maturity extending through to October and a weekly repayment schedule.
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