South Korea-based investment company Blockwater could not pay the $3.4 million loan it had withdrawn from the TrueFi platform.
The investment firm made plans with the lending and lending platform TrueFi. In the planning made, it was agreed to complete the debt in the form of weekly payments. However, TrueFi stated in a blog post that investment firm Blockwater was unable to pay its debt.
TrueFi Files Default Notice for Blockwater
The bad trend in the crypto market brings with it the bankruptcy of many projects. In particular, Celsius company’s bankruptcy due to debts and the bankruptcy notice issued by Three Arrows Capital adversely affected the sector. The default of such major institutional players has created chaos in the crypto space.
TrueFi, one of the lending lending platforms in the crypto sector, continues to serve institutions despite the bear market. The platform, which also created a loan for South Korea-based Blockwater, announced that it could not receive the repayment.
TrueFi reported that eight payments were made and approximately $645,000 was collected from them. He underlined that the remaining debt was $2.96 million at the time of default. According to TrueFi, this stands out as the only default reported to the platform.
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