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Transaction data on the blockchain shows that Sun withdrew the funds in four transactions processed Thursday. He moved $2.4 million of USDT, 2.1 million of USDC, $1 million TUSD and $673,000 in BUSD from the four available credit pools on the lending protocol. Source
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Following the loan default, Archblock (formerly TrustToken), which manages relations between lenders and borrowers on TrueFi, will join the liquidation process in an attempt to reclaim assets. At the time, when TrueFi originated the loan to Invictus, Archblock was the sole underwriter of the loan. Original Source
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This is the second uncollateralized loan to default on TrueFi within a month following Korea-based Blockwater’s failure to repay its $3 million debt on the platform. Another decentralized lending protocol, Maple Finance, faced difficulties in June after Babel Finance, a crypto lending firm, became insolvent and defaulted on a $10
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When Wintermute, a cryptocurrency market maker, lost $160 million due to a hack, concerns related to the repayment of debt worth $189.4 million surfaced. However, in an exciting turn of events, Wintermute paid back its largest debt due Oct. 15, involving a $92 million Tether (USDT) loan issued by TrueFi.After
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The news comes after Wintermute's DeFi operation suffered a $160 million hack in late September, one of the largest hacks in recent months. At the time, Wintermute’s outstanding DeFi debt amounted to $200 million, CoinDesk reported earlier. Evgeny Gaevoy, the firm’s CEO, said then the company remained solvent after the
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TrueFi does not expect Blockwater Technologies' default to affect its
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The crypto firm Blockchain.com has revealed it has secured up to $100 million in liquidity from Truefi’s single-borrower pool. The pool will be initially capped at $100 million over the first year and Blockchain.com aims to use the funds to bolster its own “liquidity pools, leverage trading support, and book
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Stablecoin operator TrustToken has launched a new lending marketplace that allows asset managers to create their own decentralized finance products, potentially opening the door to wider mainstream adoption of DeFi solutions. The new lending marketplace, which is offered on unsecured lending protocol TrueFi, gives independent financial institutions the ability to design,
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The final phase of the TrueFi launch should initiate the beginning of a highly functional, cross-chain uncollateralized lending platform, equally able to serve institutions, retain users, and lend to other protocols.Defi took off in 2020 in a major way, with applications such as decentralized exchanges and decentralized lending exploding in
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