DeFi Credit Protocol TrueFi Issued Notice of Default to Blockwater

TrueFi issued a notice of default to Blockwater for non-payment on its $3.4 million $BUSD loan. The $3.4 million loan default represents about 2% of TrueFi’s total value. The TrueFi credit team adds that Blockwater loans have no effect on TrueFi’s $USDC, $USDT, or $TUSD pools nor on any active portfolios. As result of active negotiations expected recovery value will be maximized on these distressed loans.