Delt.ai Loan due July 8, 2023 : Restructuring Update

109

As one of the creditors, I would like to provide an update on the financial situation based on my records:

  1. Unclaimed Repayments and Interest: Since January 2023, approximately $550,000 in repayments and interest from delt.ai remain unclaimed. These funds are currently held at the following address: https://etherscan.io/address/0xb048dcb1262c28add6a3a0022b476db1c466abb6.

  2. Withheld Payments for Legal Fees: Between January and April 2023, Archblock withheld $200,034.25 in repayments, citing the need to reserve these funds for potential legal expenses.

  3. Deducted Fees and Undistributed Funds: From April to July 2024, delt.ai made repayments totaling $226,849. Archblock deducted $180,000 from this amount as their service fee. The remaining $46,849 has not been distributed to creditors.

  4. Missed Interest Payments: Since July 2024, delt.ai has missed three consecutive interest payments.

Over the past six months, we have received minimal updates from Archblock. Despite this lack of communication, Archblock continues to charge us a monthly fee of $15,000. This fee is intended to cover legal and advisory services, but the absence of regular updates and transparency is concerning.

I urge all involved parties to seek clarity and accountability regarding these matters.
@AdL @Monica

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110

Hi @Kevin911,

Thank you for raising these points. I’d like to offer some clarity where I can, although I must note that due to the sensitive nature of certain legal and operational matters, not all details can be shared publicly.

Unclaimed Repayments and Interest:
You are correct—these funds remain in the wallet and will stay there until delt.ai has repaid the loan in full. Once the final repayment is received, we intend to conduct a final reconciliation and potential distribution.

Withheld Payments for Legal Fees:
Also correct. These amounts were held back as a reserve to cover legal costs, which was disclosed at the time.

Deducted Fees and Undistributed Funds:
The team is currently preparing for another distribution, and the remaining amount will be addressed in that process.

Missed Interest Payments:
Two interest payments were made following July 2024. We continue to work closely with delt.ai’s CEO to ensure the remaining obligations are resolved.

Communication and Oversight:
We acknowledge that updates have not been as frequent as many would prefer. There have been changes on the Archblock side over the past year, but the focus has remained on closing out the loan responsibly. We are committed to completing this process with care and diligence.

Thank you again for your continued engagement and patience.

With best regards,
Alex

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Dear @AdL

Thank you very much for your response. It’s reassuring to know that this matter is still being handled and moving forward.

Regarding your mention of two interest payments made by Delt.ai after July 2024—just to confirm, these payments were not distributed to creditors yet, correct? You mentioned an upcoming distribution—do you have a specific timeline for when that will take place?

Thank you again for the update.

Best regards,
Kevin

113

Hi @Kevin911

yes you are correct, these have not been distributed and the team is working on it. We had hoped to have it down by the beginning of the month but we ran into some delays. It should be within the next 1-2 weeks.

With best regards,
Alex

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114

Hello, Sir @AdL . Is there any latest progress regarding the distribution?

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115

Apologies @Kevin911 I thought I already had answered. The amounts are ready to be claimed and here are the details:

delt.ai loan: May 2025 airdrop claiming instructions

Summary

The airdrop comes in the form of an ERC4626 tokenized vault (0x0a313CD04A3887fbeBAdE88ba01d582113887852), with mints and deposits disabled. This contract has undergone an internal security review and an external audit by ChainSecurity.

Shares of the airdrop are proportional to token holders of the tfUSDC lending pool as of January 9, 2023, the original end date of the delt.ai loan. This includes lenders who farmed their tfUSDC holdings, as well as claimable tfUSDC rewards from the stkTRU contract.

In order to prevent locked funds in the contract, you will have until a deadline of November 23, 2025 to redeem your shares of the interest airdrop.

After this date, TrueTrading will recover the remainder of funds.

NOTE: You may want to wait until gas prices are low before calling the redeem( ) function.

Step-by-step

  1. Check your balance of shares here:

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In this example, the address 0x168151e53210Bbb08Fa6AfAC15E3da185e66069F has a balance of 73,990.677577, which means it can claim 73,990.677577 USDC. There should be six digits after the decimal point.

  1. Connect your wallet to Etherscan on this page by clicking the “Connect to Web3” button as indicated below:
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  2. Click, “Contract” and “Write as Proxy”, then call the redeem() function (#9, 0xba087652):

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For shares, enter your balance from #1 (but drop the decimal point and any commas): 73990677577.

For both receiver and owner, enter your wallet address from #1: 0x168151e53210Bbb08Fa6AfAC15E3da185e66069F

  1. Review this transaction carefully, click Write, and then confirm via your wallet.

Support

Please reach out to us if you have a smart contract with claimable airdrop balance, but no ability to call redeem(). If you can prove ownership of the contract, then we may be able to work out a way for you to receive your share.

If you have any questions or need assistance, please contact us at support@archblock.com.

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