TrueFi, a decentralised lending protocol, said in a statement Sunday that South Korean blockchain investment firm Blockwater Technologies had defaulted on a loan. TrueFi issued a “notice of default” to Blockwater on Oct. 6 after it failed to make payments on a $3.4 million loan in Binance USD (BUSD) stablecoin. After TrueFi and Blockwater restructured the loan and extended the payment period in August, Blockwater defaulted on its debt. After the restructuring efforts, Blockwater was able to repay $654,000 of its outstanding debt, but it eventually missed payment. The remaining debt is nearly $3 million.