There are currently creditor claims that are currently unsolved. These include:
Alameda Claim
Delta.AI - Albo Claim
BUSD Vault Claims of
Invictus &
Blockwater
Currently, there has been close to no transparency of the the situation of these and there should be proper management of these claims. For the sake of the protocol foundation and the creditors, I believe the best course of action is for Archblock to have the foundation or another third party co-manage or manage the claiming process and help with such transition.
For example, the Alameda claim can be disposed of to a third counterparty and proceeds used to repay the creditors almost immediately assuming there are no legal issues around transferring the claim. @AdL should be able to provide clear transparency on this, or should be able to report to the foundation on the information.
Secondly, there can be a creditor group formed to look at the recourse for tfUSDC to both go after a resolution or assets from Albo and also look at asset clawbacks from Archblock.
On the tfUSDC there are still quite active addresses and also transfers (for example a long dormant Binance hot wallet held tokens were sent out).
On the residual BUSD vaults, there should also be a transfer of information from Archblock/TruTrading to the Foundation as well and a method to have access to information in its funds recovery.
These bad debts are a drag on the protocol and a pro-active process to deal with them would be a huge step in the right direction overall for Truefi.
I agree on all points. I think it’s a huge sign of disrespect from the team members involved toward the users. We’ve had several opportunities to be made whole, especially given the strong market for these claims.
There are multiple markets for selling claims. A couple of weeks ago, we were told the team was going through the KYC process — but we never heard anything about that again.
We’re paying monthly fees but receiving no updates.
According to the official claim documents in Kroll, they bundled the bankruptcy claim with their own TRU claim. Why was this not communicated? Is Archblock covering some of the legal fees themselves?
There’s no point in waiting to gain a few extra percentage points if management fees remain this high and the dollar continues to devalue at a rapid pace.
My guess is that 7.5mm USDC claim is related for the Truefi Vault that directly lent to Alameda in 2021.
The 7,200,000 TRU represents a token loan that was made from Archblock to Alameda for a market making agreement.
So both of these were filed from Archblock Cayman in 2023.
A second claim with a claim value for the vault was again filed in 2025. I think it would be good to have a clarity on the status of this “asserted” claim.
On behalf of Archblock’s special servicing team, I’d like to report the following updates on the various matters we’ve been managing:
Alameda: The borrower (Alameda) filed for bankruptcy protection in November 2022. We have asserted claims in the bankruptcy against Alameda’s bankruptcy estate to recover on loans made through the TrueFi platform. We are in discussions with the debtor’s counsel regarding those claims. At this time, no rulings have been made concerning the claims. We will make further updates as circumstances permit.
Blockwater: The debtor is currently in bankruptcy and under criminal investigation for fraud. We have taken all necessary steps to pursue the claims and are working with the trustee, through our local counsel, in a criminal action against the debtor.
Delt: The debtor is actively making necessary business and financial changes and has reaffirmed its commitment to repaying the loan in full. Recognizing the complexity of this process we are providing the debtor with time to complete these changes and thereafter will work toward a comprehensive payment plan detailing the path to full repayment. We believe this cooperative approach is the most prudent route to securing the maximum recovery for the pool.
Invictus: The debtor went into bankruptcy and a trustee has been appointed. We took all necessary steps to recover on the claim. However, the estate does not have sufficient assets to pay any creditor claims at this time. We’re continuing to work with local counsel to see what, if any, recovery may be available.
As many of you may know, these matters are complex and, due to the fact that most of these debtors are in bankruptcy, we are at the mercy of the local courts as far as timelines and the availability of any possible recovery. We continue to work with local counsel to manage costs and move matters forward as efficiently as we can.
All the best,
Alex
PS On a personal note, you have not seen me around as I am no longer actively involved. All the above claims are dealt with by outside counsel and managed by the operations team.
