Reportedly, decentralized finance (DeFi) lending platform TrueFi has issued a notice of default to Blockwater Technologies on missing a scheduled payment over its $3.4 million BUSD loan. Since weeks, the TrueFi credit group has been trying to work out an out-of-court settlement. However, they determined that a court-supervised administrative proceeding could improve stakeholders' outcomes. The credit group intends to remain vigilant and proactive in current macro conditions.