Defaulted Loan Pools and Archblock Bankruptcy

[Suvicrypto]

Currently, there are three pools that are carrying defaults from legacy vaults that were essentially stopped lending at the end of 2022/start of 2023.

They are the TfUSDC, Alameda Credit Private, and TfBUSD pools.

Archblock, its affiliates, and/or subsidiaries have acted as the middle man or agent for these pools. However, with Archblock’s chapter 11 filing, and non-response from the Archblock team (as expected as they are now bankrupt) leave this in the hands of each pool creditor to pursue Archblock in court.

The best is to read the documents in the Stretto website on the bankruptcy in Delaware USA.

https://cases.stretto.com/Archblock

On the tfUSDC pool, the original loans were made from the pool to tfUSDC pool as per the forum post and snapshot:

TrueTrading Asset Management (“TAM”) – Loan Proposal

Hello TrueFi Community, The credit investments team behind TrueTrading, an affiliate of TrustToken, is pleased to announce the formation of TrueTrading Asset Management (“TAM”), an independently operated affiliate of TrustToken. TAM is pleased to engage with the community to put forth a proposal that we believe is in the best interest of the TrueFi protocol and the TRU token holders. TrueTrading Background TrueTrading, an affiliate of TrustToken, on behalf of the TrueFi community, has led ori…

It seems that TruTrading Asset Management is a full subsidiary of Archblock per the Filing from Michael Bland and Archblock.

Or, otherwise, the terms above for the loan may be construed as a constructive trust by Archblock Group - so the tfUSDC pool are likely (in reality I think of course it is) creditors/claimants to Archblock.

Similarly, Alameda lenders are claimants to Archblock I believe as TruTrading entities facilitated the loans using Archblock entities. The Alameda lenders also should find out if any monies to were paid out to Archblock, as there is a claim from the Alameda estate to Archblock alleging Archblock owes 8.5 million USD.

I think it is really up to the individual holders of the LPs to contact the bankruptcy court in Delaware to lodge or confirm their claims.

As before I think the Truefi Foundation can do little if anything to help the LP Claimants, except keeping this forum active for a while for information purposes.

[sebdavies]

Thank you for raising this.

For clarity on the public record, the current Board wants to reiterate an important distinction: TrueFi and Archblock are separate entities and are no longer affiliated in terms of governance or operational decision-making.

Historically, Archblock and related entities played roles in parts of the TrueFi ecosystem, including loan origination and servicing through structures such as TrueTrading. Many of the legacy matters referenced in this thread relate to that earlier structure.

Over the past year and a half, the Board and Foundation have taken deliberate steps to separate the protocol’s future from those legacy arrangements. The proposed reconstitution and rebranding of the ecosystem to Brila is specifically intended to formalize that separation and establish a clean operational structure going forward.

At the same time, we believe it is important to maintain transparency around the project’s history. For that reason, the TrueFi forum will remain accessible as a public archive and communication channel, including for discussions related to Archblock or other legacy matters.

However, it is important to be explicit: the current Board, the Foundation, and the future Brila ecosystem are not affiliated with Archblock.

The rebranding process is designed precisely to ensure that the protocol can move forward independently.

[Kevin911]

Hi @Suvicrypto , Thank you very much for providing this information. It is very important for us TFUSDC creditors when applying for claims.