Crypto Trader Auros Global Misses Payment on DeFi Loan As FTX Contagion Spreads
Auros Global, a crypto trading firm, is the latest to face liquidity problems following the FTX collapse as it missed payment Wednesday on a decentralized finance (DeFi) loan.
The firm borrowed 2,400 of wrapped ether (wETH), worth about $3 million, from a credit pool on Maple Finance, a DeFi lending platform.
“Auros is experiencing a short-term liquidity issue as a result of the FTX insolvency,” credit pool manager M11 Credit tweeted.
We would like to provide an update regarding Auros, who today missed the principal payment on a loan of 2400 wETH which triggered a 5-day grace period as per the smart contracts.
— M11 Credit (@M11Credit) November 30, 2022
1/5 🧵
Auros joins other digital asset firms such as BlockFi and Genesis Global Capital facing financial difficulties as contagion spreads within the crypto industry. This phase of the now year-long market rout started as crypto exchange FTX and its corporate sibling Alameda Research became insolvent and filed for bankruptcy protection earlier this month.
Read more: FTX Files for Bankruptcy Protection in US; CEO Bankman-Fried Resigns
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