Hi Fab,
any chance to get an overview of the bad debts? https://www.coindesk.com/markets/2023/02/03/decentralized-lending-protocol-centrifuge-accrues-6m-unpaid-debt/
Any link you can provide? Many thanks
it seems we need to dig deeper into it. I wonder now the situation of the current bad debts. This is a huge loss for investors. How much is it relative to the bad debt?
Thanks for this link!
Thank you for your message.
The post is referring to late assets on Tinlake across 3 different pools not to losses. 1754S1 is mentioned as a one of the 3 operators having late assets, not bad debt / losses.
Please ref to the pool.
https://tinlake.centrifuge.io/pool/0x0CED6166873038Ac0cc688e7E6d19E2cBE251Bf0/bling-series-1
We have been in communication with your 24 investors and donāt except them to be impacted on their end (senior). Also a date has been set with them to close the pool and allow full redemptions.
Have a great weekend.
Thank you.
Thanks for clarifying. How does it come to have these type of late payments and how sure is it that they are not getting into bad debts? Can you guarantee? Just to get this into context, whatās the late payment relative to the total amount of this fund(s)? Wish you luck to sort this out!
I just see that you had bad debts or do you see a difference to defaulted loans? Have a look on rwa.xyz | Analytics on Real-World Assets
Hi Fabian,
Is it possible to get a clearer picture on the situation and may I ask some questions to understand from scratch the whole issue:
- Studying rwa.xyz analytics of Factory loans, you have approx 1.8m defaults and 3.3m late / outstanding payments on Bling Series 1. Does this approximately reflect the situation? How could it come to such a situation? Is ACPR in between?
- Whatās the ratio of Bling Series 1 of defaulted/late outstanding against the total initial outstanding?
- Could you describe the creditors average credit (it shouldnāt be more than 200 Euros afaik) and how can it come that this is so much (in terms of default / late payments)?
- I am reading these messages DUNE Fork ā Hate Fork or Pump nā Dump? | by Le Pound du Cheese | Medium & https://www.capital.fr/crypto/la-gestion-trouble-de-dune-la-cryptomonnaie-soutenue-par-xavier-niel-1356145. Could you put something in front of this to defend yourself.
It seems that you still fight to get the money back to investors and wish you luck for that!
Is it safe to say that the 1754 pools are soft rugging? Based on what Iāve been reading so far, it seems like thereās no intention for the issuers to pay their debts. If Series 1 is screwed, I guess I can write off my money in Series 3 lmao.
Hi Max,
I completely understand your concern.
Series 1:
At present, we are actively collaborating with Series 1 drop token holders. We have been maintaining clear communication with them regarding the situation and repayment date. Our Series 1 investors are well-informed about what to expect and have agreed to terms that include additional guarantees for their benefit.
As for Series 3, the pool is functioning as intended.
Please donāt hesitate to email us or schedule a call if needed.
Kind regards.
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same here lmao, 3 months left until series 3 first asset mature(about 600k), i think they will give false timeline and delay like what they doing now, we will see, if they canāt even repay the first asset then we can say goodbye to our money, then you know what to do. https://www.sec.gov/complaint/select
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Reviewing the comments in the thread, I think there are probably a few learnings that we can take (at this initial stage). If DeFi is about transparency and visibility, then that transparency and visibility needs to exist from start to finish (through thick and thin):
(1) There needs to be more visibility on the underlying transaction documents. Transparency on economics is only so good. Token holders and the community need to understand why, what remedies are being executed (which are not), etc.
(2) There needs to be more transparency on communications to Token holders. I appreciate the perceived nature of āconfidential informationā, but there are multiple ways of protecting confidential information while at the same time ensuring transparency. On-going disclosure can be (and should be) resolved up-front.
(3) In the event that issues like non-payment, defaults, etc. arise, token holders and the Centrifuge community need to have access to an independent, third party to provide guidance. It is times like these that borrowers and token holders are not aligned. The borrower needs to cooperate with that independent, third party.
This and other techniques can be used to address information asymmetries that may arise.
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No delay expected on series 3.
The pool is operating normally and no asset are due as you mentioned before few months. My focus is to fulfill my investors commitment!
I agree with you especially in direct communication with token holders.
On this topic, direct communication, additional guarantees have been offered, signed (docusign) and communicated over email to all tokens holders including a signed indemnification agreement if things donāt turn the way it was planned. All investors (24) received and validated this plan (docusign).
Token holders donāt expect capital losses.
After all this is done I would love to participate on a group and provide feedback to improve the process.
No my focus is on delivering.
Thanks I
Thank you @Fabien.
I think for full transparency and to enable the Centrifuge community to build upon this and other similar situations, my recommendation is that all materials be provided here in the Forum.
I spent two years supporting Maker in its financings of SocGen, HVB and BlockTower, and it is clear to me that radical transparency is the best for all.
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I doubt that mr.fabien, branch 3 asset 15 will mature at 2023 june 20 (625,794), like i said, we will know on that day. hopefully you are a man of your word.
anyway,pretty sure centrifuge staff flag my message, Thatās all they can do beside pushing responsibility, and Centrifuge you will be include in my report if any delay or excuse on june 20. Iāve lost all my patience and respect for your team
Good day @hepp
Thank you for your message.
Some of your messages were flagged as inappropriate and i would like to comment it.
If you would like to entice and give some specific legal or financial advise to any investor (you already did this some post ago) please use DM. This is the best way to give any legal or financial suggestions.
I also would like to invite you to follow the rules. We will not tolerate any kind of insult.
If you have any questions feel free to ask Issuer on the forum or via DM, or email.
Thank you.
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Fabien always responded to the concerns brought up here and no one from the team suppressed your messages. Only messages which ignore the chat-rules (off-topic, violation etc.) will be deleted or hidden.
Anyway I want to remind you to respect the rules, despite the delicate topic.
Thank you for your patience and collaboration
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Hi @hepp, in addition to what both @ImdioR and @Tjure07 is writing, I want to encourage you to read our Code of Conduct which outlines the rules for how we communicate and behave in our channels.
We welcome critical thinking and questions but letās be civil towards each other when communicating in our channels.
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Would have loved to receive also answers but didnāt receive. [Issuer] 1754 Factory - #132 by PathrockNetwork.
I think your criticism of @Fab is 100% valid and I too am nervous about Branch and the Bling pool. I think itās nonsensical to say we can not be nervous or comment about these (mismanaged) pool(s) if we didnāt invest in them. I am a CFG holder, I should be able to look at these pools and have opinions as they will ultimately impact the overall success of the project.
From my eyes, I would say the CFG team is doing a solid job. What else can be expected of them here? Itās not like they run the pools or make the off-chain investments. To me, they are simply managing the protocol and product, and of course, they are the builders making this happen. Perhaps they can bring the credit group people into the fray to review these pools and make sure that we are not being deceived.
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