Crypto market maker Auros defaults on $7.5 million Maple Finance loan payment

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?

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Request Finance Passes $260M in Crypto Payments, Launches Web3 CFO Guide | HackerNoonRequest Finance processed over a quarter of a billion dollars ($263m) in crypto invoices, payroll, expenses, and more. - blockchain technology
Source: hackernoon - 🏆 532. / 51 Read more »

Bank of Russia to Test International Crypto Payments With Companies – Finance Bitcoin NewsThe Central Bank of Russia plans to use cryptocurrency for cross-border payments in trials with private companies. 🎅Christmas - Event! 🎄To support the community Eion has announced a Christmas Airdrop! 💰HURRY! Everyone can participate: Using ChiefraFba signals, I have a 92% win rate in the last two months! Totally agree, but I only use ChiefraFba for signals and analysis
Source: BTCTN - 🏆 531. / 51 Read more »