This Cryptocurrency Platform Has ‘FTX-Like’ Liquidity Problem! – Cryptokoin.com

Cryptocurrency trading company Auros Global was unable to repay a certain amount of DeFi loan. Therefore, he seems to have been affected by the FTX crisis, which created a domino effect with its collapse in the cryptocurrency market. Here are the details…

Cryptocurrency platform failed to pay 2,400 ETH

Cryptocurrency trading firm has missed the principal repayment of 2,400 Wrapped Ether (wETH) decentralized finance (DeFi) loan. That’s why it seems to be suffering from the “epidemic” in FTX crash. Corporate loan contractor M11 Credit, which manages liquidity pools at Maple Finance, told its followers on Twitter on November 30 that Auros missed the principal payment of 2,400 wETH loans totaling approximately $3 million.

M11 Credit claimed that it has always been in close contact with its borrowers, especially after the events of last month. He said Auros was experiencing a “short-term liquidity problem as a result of the FTX bankruptcy.” Auros, an algorithmic trading and market maker firm, has yet to address M11 Credit’s announcement. However, the post was retweeted by Maple Finance. M11 Kredi also emphasized that non-payment does not mean that the loan is in default. Instead, the missed payment triggered a “5-day grace period according to smart contracts.”

Auros has until December 5th

This means that Auros has until December 5 to make the late payment before it is declared in default. According to an official Maple Finance Youtube video, if a default occurs, the borrowing platform’s collateral is liquidated. This causes lenders to make heavy use of Maple Token and USDC on the platform to close their gaps. Enforcement action can also be pursued through the New York courts. The M11 loan said it was “working with Auros to provide a joint disclosure that provides more information to lenders.”

Meanwhile, the market, unfortunately, is no stranger to recent liquidity crises. cryptocoin.com As we reported, crypto exchange FTX experienced a liquidity crisis on November 11. The large number of companies affiliated with FTX, in which FTX invests and has purchase agreements, also deepened the crisis. The exchange filed for bankruptcy after failing to process withdrawals.

The resulting crisis spread to many other companies. BlockFi, for example, declared bankruptcy on November 28. Galois Capital and New Huo Technology lost millions of dollars due to the collapse of FTX. Also, Nestcoin had to lay off its employees due to exposure to FTX. The situation in question even affected the Digital Currency Group (DCG), known as the strongest players in the industry, and Grayscale under its umbrella. Genesis’ exposure to FTX, under the DCG umbrella, has impacted activity on cryptocurrency exchange Gemini.

Contact us to be instantly informed about the last minute developments. twitterin, Facebookin and InstagramFollow and Telegram and YouTube join our channel!

Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your own research and due diligence before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. Therefore, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.

Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.

Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.

Show Disclaimer


source site-3