MakerDAO Face $1.84M Loan Default from a RWA Borrower

An impending default of tokenized loans on blockchain-based credit platform Centrifuge has put MakerDAO’s $1.84 million investment at risk of loss, a governance forum post said.

ControlFreight, underwriter of the credit pool under distress, warned last Friday that the $2.7 million pool’s largest borrower is facing liquidation due to a legal dispute.

“There is a significant risk of total or partial loss of funds related to the amounts owed to us by Hanhwa AUS Pty Ltd and Hanwha New Zealand Pty Ltd,” ConsolFreight said in the post.

Because of an intellectual property feud, the Australian Supreme Court appointed a liquidator to unwind the company’s activities, freezing all payments to debtors, the post explained.

ControlFreight has minted $1.84 million of DAI from Maker to fund trade finance transactions and freight forwarding invoices.

Stay updated with the most important cryptocurrency news and valuable insights, conveniently delivered to your email every day. Subscribe to the TokenInsight mailing list now!

Prefer social media? Follow us on Twitter, or subscribe to our Telegram channel!

If you have news reports or announcements that you want to reach a wider audience, feel free to email us at news@tokeninsight.com