The reason for the notice of default, which the lender sent to the miner on Nov. 4, is the company failed to engage in “good faith restructuring discussions” for the debt in question, according to a Monday filing with the U.S. Securities and Exchange Commission. Because Iris failed to engage in such discussions, the lender is claiming it defaulted on payments originally scheduled for Oct. 25, the Monday filing said. As such, the filing continued, the lender looks to trigger an acceleration clause, meaning it is demanding immediate payment of the entire principal and accrued interest. Iris said it “disagrees” with the allegations made by the lender in the Nov. 4 notice.
Crypto for Advisors: Digital Asset Custody’s Future
One of the most flexible options out there, MPC is not limited to a specific network by a smart contract,...