According to Blockwater’s borrower profile, the venture capital firm borrowed about $16.8 million from TrueFi in 2021. It repaid up to $13.4 million before seeking loan restructuring in August 2022. As a result, TrueFi agreed to extend Blockwater’s loan repayment beyond August.
Since then, Blockwater has been able to repay only $645,405 of the outstanding debt and failed to repay about $2.9 million on the scheduled date. TrueFi added that Blockwater’s loan default does not affect other lending pools under its management. So far, TrueFi has issued about $1.7 billion in loans and collected approximately $1.5 billion in repayments. Blockwater’s $3.4 million loan default accounts for just 2% of TrueFi’s total outstanding loans.https://cryptoslate.com/truefi-issues-notice-of-default-to-vc-firm-blockwater-on-3-4m-loan/
