FTX contagion spreads. Auros Global is understood to have missed a key payment on a DeFi loan. Maple Finance pool delegate M11 Credit says it has faced liquidity issues due to FTX's insolvency.
M11 Credit has also stressed that the missed payment does not mean the loan is in default. Instead, the missed payment has triggered a “5-day grace period as per the smart contracts.”
This implies that Auros has until Dec. 5 to make the late payment before it will be declared as being in default., if a default occurs, it could result in the borrower’s collateral being liquidated and/or staked maple tokens and USDC on the platform being used to cover any shortfalls to lenders. Enforcement action could also be pursued through New York courts.
M11 credit claims that it is “working with Auros to provide a joint statement that provides further information to lenders.” Cointelegraph has reached out to both M11 Credit and Auros for comment, but did not receive a reply before time of publication.
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