{"id":20697,"date":"2022-12-03T01:57:29","date_gmt":"2022-12-03T01:57:29","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/03\/auros-globals-missed-defi-payment-has-ftx-contagion-to-blame\/"},"modified":"2022-12-03T01:57:29","modified_gmt":"2022-12-03T01:57:29","slug":"auros-globals-missed-defi-payment-has-ftx-contagion-to-blame","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/03\/auros-globals-missed-defi-payment-has-ftx-contagion-to-blame\/","title":{"rendered":"Auros Global’s Missed DeFi Payment Has FTX Contagion To Blame"},"content":{"rendered":"

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What is Auros Global? It is a trading and marketing company that works on an algorithm that helps in the fluidity of exchanges and token projects.\u00a0<\/span>Auros Global seems to have missed a 24,000 Wrapped Ether (wETH) repayment along with decentralized finance (DeFi) loan leading them to suffer from FTX contagion<\/a>.<\/span><\/p>\n

The fluidity manager on Maple Finance reveals on 30th November in a Twitter<\/a> thread that the firm had failed to pay the wETH loan of 2,400 amounting to a total worth of approximately $3 million.\u00a0<\/span>As suggested by M11 Credit which stays close to its borrowers that Auros has been going through a short period of fluidity issues resulting in the FTX insolvency.<\/span><\/p>\n

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However, the statement made by M11 has not been addressed by Auros Global which works on an algorithmic system of trading and is a company of market making. However, Maple finance has retweeted the thread.<\/span><\/p>\n

Auros Global Firm To Be Declared As Defaults?<\/strong><\/span><\/h2>\n

Missing the payment doesn\u2019t put the load in default is a point that was stressed by M11. The missing payment as per the smart contracts unlocks a grace period of 5 days. This states that Auros is still not put into the category of defaults. The company has a new date of 5th December to save itself from making to the list of defaults.\u00a0<\/span>An official YouTube video of Maple Finance shows that if there\u2019s an occurrence of a default, enforcement actions would be taken by the courts of New York.\u00a0<\/span><\/p>\n

However, as claimed by the M11 credits, they have been working on the provision of a joint statement with Auros on the extended information to its lenders.\u00a0<\/span>Cointelegraph tried to reach out to Auros Global as well as M11 but received no comments or reply before the publication time.\u00a0<\/span>On 11th November Crypto exchange, FTX filed for bankruptcy due to a fluidity crisis and suffrage to honor withdrawal. On 28th November BlockFi too declared bankruptcy.<\/span><\/p>\n<\/div>\n