Reported Coindesk, a real world assets loan worth $20 million soured in a lending pool on decentralized lending platform Goldfinch after borrower Stratos’ bets on a real-estate tech company and digital asset investments “has not performed as expected,” pool manager Warbler Labs said Saturday in a protocol governance forum post.
The distressed pool made a four-year loan of $20 million worth of (USDC) stablecoins with an 11% annual interest rate to fintech credit fund Stratos in February 2022. Warbler Labs was the underwriter. Now, some $7 million of the funds are at risk of loss, Warbler disclosed.
Stratos allocated $5 million of the funds to REZI, a real-estate tech firm focusing on apartment rentals in major U.S. cities, which has now stopped paying and is expected to write down the position to zero. Another $2 million of the funds – dedicated to something it called POKT – was allocated to “digital asset investments” Warbler Labs said it “was not aware of at the time of the investment,” according to the post. Stratos sold this position at a “near full loss,” and added loan collateral to cover the shortfall.
Warbler Labs said it will backstop all losses to investors in the pool.
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