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