Blockwater Defaults on Loan
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An editor at Coincrop
11 Oct 2022 | 2 min read
n a statement released, TrueFi stated that South Korean blockchain investment firm Blockwater Technologies had failed to repay a loan from the decentralized lending protocol.
TrueFi informed Binance that it had issued a "notice of default" to Blockwater after the firm failed to make a $3.4 million loan payment in Binance USD (BUSD) stablecoin, according to the release.
The recent default of Blockwater appears to be only the latest in a string of insolvencies within the cryptocurrency industry. This year's crash of crypto markets, coupled with the collapse of Terra blockchain, has pushed many prominent firms such as hedge fund Three Arrows Capital (3AC), Celsius Network-a digital asset lender, Voyager Digital-a digital broker and Compute North who operates data centres for crypto mining- into bankruptcy.
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