Crypto market making firm Auros has defaulted on a $7.5 million stablecoin loan it took on the Maple Finance lending protocol.Crypto market making firm Auros failed to make a payment on a $7.5 million stablecoinAurosfor bankruptcy protection in the British Virgin Islands last month after losing access to about $20 million of funds it held on the collapsed crypto exchange FTX. A spokesman for Auros declined to comment on the Maple default.
To date, Auros has defaulted on the required principal repayments on debt worth about $18 million across different Maple-based loans. Previously, Auros also missed repayments after it borrowed 8,400 wrapped ether worth $10.8 million,Maple Finance runs as a decentralized protocol that lets firms access loans without collateral. The platform has continued to suffer from contagion risk from the fallout related to the collapse of FTX.
Oh no! Are you saying the reputation-based uncollateralized lending is not working?
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