Terra-victim Invictus Capital defaults on $1M TrueFi loan

2022/11/02 01:45

According to Coindesk, failed crypto hedge fund Invictus Capital failed to repay a loan from decentralized lending protocol TrueFi, according to TrueFi’s loan data dashboard. The firm missed paying down its $1 million loan denominated in BUSD stablecoin, which was due to mature on Oct. 30. The debt was uncollateralized, meaning that Invictus did not pledge any assets against it, and secured the loan by its reputation and good financial standing at the time. TrueFi warned investors in a Twitter post in early October that Invictus might fail to repay the loan. New World Holdings, Invictus’ Cayman Islands-based parent company, entered into voluntary liquidation after suffering a blow in the crypto rout initiated by the multibillion-dollar implosion of once-top blockchain project Terra. Invictus reportedly moved investor funds to Terra’s failed stablecoin USTC and to crypto lender Celsius Network that went bankrupt in July.

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