Auros Global Resolves Debt with Primary Creditor After FTX’s Collapse
Auros Global, a firm involved in market-making for the crypto industry, has agreed with its primary creditor to repay all of its debt.
The company experienced financial difficulties after FTX’s collapse last year.
Maple Finance, a DeFi credit platform, reconsidered how it would handle bad loans in the future due to Auros’ liquidity problems. M11 Credit, a credit solutions division of blockchain investment company M11 Group, stated that Auros plans to make its liquidity providers whole over time.
So far, Auros has paid back approximately 55% of its debt, with an additional 40% reissued for a maximum of nine months.
The remaining 5% has been reissued for a maximum of 90 days at 0% interest as a short-term facility. M11 Group said the outcome resulted from constructive negotiations with Auros over several months.
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The company had missed two loan repayments to M11 on Nov. 10, which resulted in provisional liquidation. Maple Finance and M11 Credit are taking steps to protect all liquidity providers in the affected M11 Credit Pools.
M11 Credit is working to recover $36 million in unpaid debt on Maple from Orthogonal Trading, a defunct digital asset trading firm. Auros and M11 Group have not yet provided comments on the situation.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
